Is coffee a driver of property price growth?
“The suburbs forming the top 10 were all inner-city suburbs, with the exception of Brighton. It’s no surprise that the CBD ranked the highest with 192 coffee establishments. Richmond (39), Fitzroy (38), Hawthorn (38) and Brunswick (34) also scored highly.”
There’s a buyers’ agent in Melbourne who considers the quality of an area’s café scene to be a big factor in its future growth prospects. When scoping up and coming suburbs, he’ll go order a coffee from a local haunt – if it’s crap, he leaves; if it passes the taste test, he’ll take a look around.
I love coffee more than most people I know. I’ll drink four to six cups of the stuff on an average day. If I haven’t had one by mid-morning, I’ll start to get about as desperate as Lindsay Lohan on day three of a rehab program.
In Melbourne, the coffee capital of Australia, they’re just as nutty about the stuff. In fact, that particular buyers’ agent I mentioned earlier firmly reckons an evolving coffee scene is one sure sign of early gentrification – a prime driver of property price growth.
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