cremorne

3121, Victoria

Real Estate & Property Information

Median
Price Rank
95

cremorne Suburb Profile & Review

A curious combination of Victorian cottages and modern townhouses only add to Cremorne's eclectic nature. There are plenty of trendy bars and restaurants along Swan Street, which is also home to Dimmeys Department Store, a Melbourne institution set in a historic building with its famous 100 year old clocktower.

Many light industries have factories in the area, and an increasing number of design studios and workshops have been established in recent years.

East Richmond Station is on the Glen Waverley, Lilydale and Belgrave/Alamein lines, although it is often bypassed in peak hours. However, Richmond Station is just over Swan Street, and acts as an interchange for all south-eastern and eastern train lines. It is Melbourne's busiest train station outside the city, and hosts a whopping eight train lines. The route 70 tram runs down Swan Street into the city or out to Box Hill, while routes 78 and 79 travel along Church Street and Chapel Street towards St Kilda.

cremorne Demographic Data

$ 737,250 Median House Price

9 Minutes Average Commute

32 Median Age

1,564 Population

46.80 % Female

53.20 % Male

366 NO OF FAMILIES

1.6 AVG CHILDREN PER FAMILY

0.9 AVG MOTOR VEHICLE PER DWELLING

What this means

The following data, without any explanation, is just that, raw data. So in order to help you research the property market, we have outlined what this demographic and real estate information means and how it can be interpreted to help you make a smarter decision when buying or selling your next house or unit in cremorne, Victoria.

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cremorne Demographic Data

The demographic data below has been supplied by the Australian Bureau of Statistics (ABS), which is a government body. It is based on Census data collected every 5 years on the Australian population. Although it is dated 2011, this is the latest data available and should give property investors, property buyers and sellers a very good idea when researching or reviewing their suburb.

It’s important to note when looking at this data that you don’t just use it on its own. Consider this demographic and real estate data as a whole and seek advice from a professional when thinking of buying or selling your next property.

cremorne Median House Prices

  • 2008 $ 578,000
  • 2009 $ 605,500
  • 2010 $ 681,000
  • 2011 $ 834,750
  • 2012 $ 737,250

What this means

Median values are the most accepted measure of property values in the real estate industry in Australia. The median is the midpoint (the middle) figure when all the sold property prices over a particular period of time are ordered from their lowest to their highest value.

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cremorne 5 Year Median House Prices

Here we have outlined the median value for all sales for each year over a period of 5 years. This is a more realistic timeframe when gauging how houses and units in cremorne have performed, and it usually indicates how they will perform in the future.

Median values less than 3 months old are often not always accurate (due to incomplete data) and therefore cannot be relied upon for long-term cremorne property price predictions.

cremorne Market Property Types

  • 28 % Seperate House
  • 45 % Semi Detached
  • 26 % Flat or Unit
  • 1 % Other Dwelling

What this means

The property type in your suburb will help you identify the density of the area. The greater the number of flats, units and apartments, the more likely it is the suburb has a higher density of living and occupants are more reliant on public transport, cafes, restaurants, convenience stores and amenities, infrastructure and less reliant on their own vehicle for transport.

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cremorne Market Property Types

Typically, inner city suburbs within 10km of the CBD are comprised of apartments and semi-detached homes, while middle ring suburbs have semi-detached and detached properties. Rural properties would most likely fall under the “other” category.

This ABS Property Type data combined with Population Density and Family Composition figures gives a good indication of the type of people living in an area and therefore what type of property (1-2 bed apartment or house) would be an ideal investment or property to live in.

cremorne Income & Mortgage Stats

  • $ 2,182 Median Weekly Household Income
  • $ 2,500 Median Monthly Mortgage

What this means

This is one of the most compelling statistics in this section because it has a profound impact on real estate prices. It should always be considered when buying or selling property in cremorne

Experts believe mortgage stress occurs in real estate when property owners are spending over 30% of their gross income on their mortgage repayments. These figures show weekly income and monthly mortgages.

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cremorne Income & Mortgage Stats

To calculate the percentage of income paid towards a mortgage for the suburb of Melbourne, multiply the mortgage payment (e.g. $2450) by 12 then divide this figure by the weekly income (e.g. $1200) multiplied by 52 (weeks) to look like this ($2450 x12/$1200 x 52) x 100 = 47%

Any figure above 30% usually indicates that the suburb you intend to buy in may have property owners with a high incidence of mortgage stress. In terms of maintaining or growing property values in the future and trying to secure a strong property price when selling, this could have an impact, especially in an economic or local industry downturn.

cremorne Sold Property Prices

cremorne Real Estate Experts

In each suburb we have identified real estate agents who are active local experts. Our goal is to have a network of real estate agents that have been reviewed by previous clients for future buyers and sellers to rely on when making their next property move or even when they just wanting real estate advice.

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