The number behind the market

Whatever the medians do month to month, one published figure will shape this market for a decade: at least 10,200 new homes are now targeted for the Preston activity centre under state planning controls that took effect in April last year.

Four to ten storeys are contemplated along the High Street commercial spine, three to four in the surrounding streets. An infrastructure levy to fund roads, parks and community facilities begins in 2027. Consultation on two further zone centres in Thornbury is flagged to start in April or May.

Preston's three-bedroom house median today is $1.08 million, on the strength of 236 sales. What that number looks like once 10,200 homes are in the pipeline is the question nobody can answer yet, but it is the one worth asking before February.

Source: City of Darebin, Future Preston Central.