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Preston covers a lot of ground, from the gentrifying south around Bell Street through to the more established north. Post-war homes, a large market on High Street, and a mix of long-standing residents and buyers pushed north from Thornbury.
Preston is genuinely varied and the difference between one end and the other is significant. South Preston has moved close to Thornbury pricing, while further north remains more accessible. Buyers who treat it as one market are frequently surprised.
A large share of what we do here is first home buying and value-add purchases. The housing stock includes plenty of solid post-war homes that have never been renovated, on blocks that are generous by inner north standards. For buyers willing to do work, that combination is the attraction.
There is also a substantial newer apartment and townhouse market, particularly along the main roads. Those bring the usual considerations around building concentration limits and minimum sizes, which matter more here than for an established house.
The gap across the suburb is significant. We establish what your budget reaches in each part.
Unrenovated post-war homes on generous blocks. Purchase and renovation funded as one exercise.
Concentration limits and size thresholds apply. Worth checking the specific building before you offer.
Whatever stage you are at, there is a path through it. Pick the one that sounds like you.
Relative to Thornbury and Northcote it remains more accessible, particularly north of Bell Street, though it has moved considerably. Whether it represents value depends on your circumstances rather than the suburb. What we can tell you precisely is what you can borrow and what that buys in each part of Preston.
Yes, and it is usually the better approach. A construction facility covers the purchase and releases renovation funds in stages against the work. That is far cheaper than buying first and funding the work later on personal credit, and it means the lender has assessed the whole plan.
Some apply concentration limits within individual buildings, particularly in the larger newer developments along the main roads. Minimum internal size requirements also apply, commonly around fifty square metres. Both are building-specific rather than suburb-wide, so it is worth checking the actual property.
It depends on the property price and your eligibility, but Preston prices often sit within the relevant caps, particularly for units and townhouses and in the northern parts of the suburb. The schemes can remove lenders mortgage insurance entirely, which is a significant saving. Worth checking against a specific property.
Book a free consultation and we will walk you through your options, what you can borrow, and what it will cost.
Book a free consultation
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Lydian Financial Services Victoria
Suite 1/103 Grimshaw Street, Greensborough VIC 3088, Australia
Level 12, 15 Collins Street Melbourne VIC 3000, Australia
Copyright © LYDIAN FINANCIAL SERVICES PTY LTD 2026. All Right Reserved.