melbourne

3000, Victoria

Real Estate & Property Information

Median
Price Rank
62

melbourne Suburb Profile & Review

From the art galleries, concert halls and alfresco cafes of the Arts Precinct, to the treasure trove of cafes, restaurants and boutiques in Degraves Street, Melbourne certainly lives up to its reputation as the cultural capital of Australia. The city's lively creative atmosphere attracts visitors from all over the world.

Famous for its love of sport, Melbourne is home to the Australian Open tennis tournament, the Melbourne Cup, the Formula One Australian Grand Prix and of course AFL. It is also the only Australian city to house two A-League soccer clubs. Simply put, Melbourne and sport go hand in hand.

The city centre itself is serviced by five railways stations, all part of the City Loop. The central terminus for metropolitan trains is Flinders Street Station, while Southern Cross Station is the hub for the regional network. Trams run down virtually every street in the CBD. Bus services to outer suburban areas are available from Lonsdale Street, while major cycling trails also terminate in the city.

melbourne Demographic Data

$ 835,000 Median House Price

0 Minutes Average Commute

28 Median Age

28,371 Population

49.55 % Female

50.45 % Male

5660 NO OF FAMILIES

1.3 AVG CHILDREN PER FAMILY

0.6 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 melbourne, Victoria.

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melbourne 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.

melbourne Median House Prices

  • 2008 $ 365,000
  • 2009 $ 389,250
  • 2010 $ 654,000
  • 2011 $ 462,750
  • 2012 $ 835,000

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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melbourne 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 melbourne 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 melbourne property price predictions.

melbourne Market Property Types

  • 0 % Seperate House
  • 0 % Semi Detached
  • 99 % Flat or Unit
  • 0 % 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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melbourne 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.

melbourne Income & Mortgage Stats

  • $ 1,230 Median Weekly Household Income
  • $ 2,000 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 melbourne

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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melbourne 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.

melbourne Sold Property Prices

melbourne 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.

melbourne Related Local Blog Posts

Melbourne Property Market Update – May 23rd, 2015

This week we look into apartment developments in Melbourne and why many of the apartments are being described as “dog boxes”. Martin North discusses the potential impact of investor loans and we find out the latest design trends for kitchens and bathrooms.

Property, Shares and Confidence

There is an old saying in investment- if something sounds too good to be true then it probably is. So, what’s the catch? Pete Wargent analyses current real estate property and share market confidence and gives his view on property bubble predictions.

Property Related Tax Revenue Moves Beyond The $40 Billion Mark

Will there ever be a move away from property stamp duty in Victoria or is the revenue just too valuable to state and local governments? Cameron Kusher from CoreLogic RP Data gives an insightful report on the record 2013-2014 $40.485 billion taxation revenue collected by state and local governments from property related sources.

Melbourne Property Market Update – May 16th, 2015

This week we take a look at the impact reality TV has on home and investment renovations. Are we wasting time and money on DIY? We discuss foreign real estate property investment in Australia and we find out if there is a very real possibility of home owners being affected by any future macroeconomic shocks.

Pay Rises Slacken Further

Are your household finances going backwards? Real estate housing prices are rising strongly (especially in some centres) but incomes are going backwards. Martin North of Digital Finance Analytics reports on the current pay rise trends nationally and compares them with the trends in the early 2000′s.

When it comes to property, know your ‘why’

Why invest in the real estate property market if not to make money? Sharon Fox-Slater gives a fascinating insight into what prompts a lot of people into property investment and, you will be surprised to know, that money is not always the motivating factor.

melbourne Restaurants

  • Yamato28 Corrs Lamelbourne VIC 300003 9663 1706
  • Yak Bar150 Flinders Lanemelbourne VIC 300003 9654 6699
  • Willows462 St Kilda Roadmelbourne VIC 300003 9867 5252

melbourne Cafes

  • Le Croissant des Halles507 Elizabeth Streetmelbourne VIC 300003 9328 4752
  • Beluga at Chevron3 Commercial Rdmelbourne VIC 300003 9510 0440
  • Tozzetti Cafe Restaurant558 Lt Bourke Stmelbourne VIC 300003 9670 5622

melbourne Schools

  • Ames Education255 Williams Stmelbourne VIC 300003 9926 4717Adult Multicultural Education Service
  • Deaf Children Australia597 St Kilda Roadmelbourne VIC 30001800 645 916Specialist School
  • Victorian College for the Deaf597 St Kilda Roadmelbourne VIC 3000(03) 9510 1706Specialist School

melbourne Childcare

  • Kids on CollinsLevel 3, 600 Collins Stmelbourne VIC 3000
  • ABC Learning CentreMelbourne Centralmelbourne VIC 3000
  • City Campus Childrens Centre97-105 Franklin Streetmelbourne VIC 3000

melbourne Sporting Centres and Clubs

  • Olympic Park GroundSwan Stmelbourne VIC 3000Athletics Club
  • The Y Rowing Clubmelbourne VIC 3000Boating Club
  • CV Premier Cricketmelbourne VIC 3000Cricket Club

Find out How Much your House is Worth in melbourne

Request a free market Basic Report for melbourne to get a general idea of property prices in your area, or a more specific CMA Report for the property you own.

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