murrumbeena

3163, Victoria

Real Estate & Property Information

Median
Price Rank
67

murrumbeena Suburb Profile & Review

Murrumbeena is a small but appealing suburb nestled between Carnegie and Hughesdale. Federation-style houses sit alongside striking examples of art deco architecture, giving the area an eclectic charm. The suburb has also been home to several famous people over the years. Musician Nick Cave grew up in the suburb, and some of Australia's most renowned painters worked at Merric Boyd's pottery and art studio in the 1940s and 1950s.

A shopping strip along Neerim Road boasts cafes and small retail stores, though nearby Chadstone Shopping Centre caters to most residents' shopping needs. Murrumbeena Park is a beautiful, vast open reserve featuring sportsgrounds, a lawn bowls club and a children's playground, while sports teams use Duncan Mackinnon Reserve for its soccer field, netball courts and athletics club.

There are two schools in the suburb: Murrumbeena Primary Schooland St Patrick's Catholic Primary School. Train services from Murrumbeena Station take half an hour to reach Flinders Street on the Cranbourne and Pakenham lines. The inner city is a mere twenty minute drive along the Monash Freeway.

murrumbeena Demographic Data

$ 821,590 Median House Price

21 Minutes Average Commute

36 Median Age

8,592 Population

50.62 % Female

49.38 % Male

2246 NO OF FAMILIES

1.8 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 murrumbeena, Victoria.

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murrumbeena 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.

murrumbeena Median House Prices

  • 2008 $ 640,000
  • 2009 $ 713,000
  • 2010 $ 755,000
  • 2011 $ 830,000
  • 2012 $ 821,590

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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murrumbeena 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 murrumbeena 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 murrumbeena property price predictions.

murrumbeena Market Property Types

  • 54 % Seperate House
  • 14 % Semi Detached
  • 32 % 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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murrumbeena 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.

murrumbeena Income & Mortgage Stats

  • $ 1,354 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 murrumbeena

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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murrumbeena 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.

murrumbeena Sold Property Prices

murrumbeena 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.

murrumbeena Related Local Blog Posts

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Much of Australia’s history and success has been built on the back immigration but are the current intake levels too high and how are they impacting prices?

Hangover Stock Brings About Buying Opportunities

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Where is The Property Market Heading?

There has been a lot of “white noise” surrounding the Sydney and Melbourne property market over the last few months and it has taken me a while to determine which way things were actually going to go. Is the Australian property market heading down the gurgler or is this just a glitch?

Property Market Trends in Melbourne Which Could Affect Prices

In this final edition we look at what how the Melbourne property market has fared and what whether we are likely to see any changes in property prices, demand for property and economic drivers.

New Research Shows Consumers Who Don’t Own A Home Could Be Worse Off in Retirement

New Research released last week by Roy Morgan shows that people who don’t own a home have become worse off in terms of their net wealth and are jeopardising their retirement.

Is Australian Housing Heading for a Hard Landing or a Financial Cliff?

From my experience and talking with real estate agents the Melbourne market has softened no doubt, but are we heading towards a financial cliff?

murrumbeena Restaurants

  • Toscana Pizza90 Murrumbeena Road murrumbeena VIC 316303 9568 1530
  • Taras Indian Restaurant454 Neerim Rd murrumbeena VIC 316303 9568 2155
  • Luk's Thai Restaurant83a Murrumbeena Rd murrumbeena VIC 316303 9569 9693

murrumbeena Cafes

  • Turtle Bean Cafe97 Poath Roadmurrumbeena VIC 316303 9568 1333
  • The Rail Cafe1a Railway Parademurrumbeena VIC 3163 0416 471 838
  • The Foodie454 Neerim Roadmurrumbeena VIC 316303 9568 4030

murrumbeena Schools

  • St. Patricks Primary School3 Dalny Roadmurrumbeena VIC 3163(03) 9569 7487Catholic Primary School
  • Murrumbeena Primary SchoolHobart Roadmurrumbeena VIC 3163(03) 9568 1300State Primary School

murrumbeena Childcare

  • Murrumbeena Childrens Centre105 Murrumbeena Rdmurrumbeena VIC 3163

murrumbeena Kindergarten and Preschools

  • Murrumbeena Kindergarten1A Blythe Streetmurrumbeena VIC 3163

murrumbeena Sporting Centres and Clubs

  • Glenhuntly, Murrumbeena/Glenhuntly Athletics Track, Duncan Mmurrumbeena VIC 3163Athletics Club
  • Little Athletics Centres, Caulfield, Duncan Mackinnon Resmurrumbeena VIC 3163Athletics Club
  • Murrumbeenamurrumbeena VIC 3163Bowling Club

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