north melbourne

3051, Victoria

Real Estate & Property Information

Median
Price Rank
93

north melbourne Suburb Profile & Review

North Melbourne residents range from young professionals and students to recent refugee arrivals from the Horn of Africa. The area's diversity is exemplified on Errol Street, a shopping strip featuring quirky retail stores and cafes (the French Quarter patisserie is a must!). Some of Melbourne's best hospitals can be found just across Flemington Road in Parkville, while the University of Melbourne Parkville campus and RMIT University city campus are both mere moments away. The Queen Victoria Market, famous for its fresh produce and popular Night Markets in the summer, are also a short walk away.

There are two primary schools in North Melbourne, North Melbourne Primary School and St Michael's Primary School, and there is one Catholic secondary school for girls, St Aloysius College. Students are also within the qualifying zone for University High School in Parkville; one of the best government secondary schools in Melbourne.

Flemington Bridge and Macauley train stations are situated in North Melbourne on the Upfield line. Trains take six minutes to reach Flinders Street and three minutes to reach Southern Cross Station. There are also three tramlines running through the suburb: route 55 from West Coburg to Domain Interchange, route 57 from West Maribyrnong to Elizabeth Street in the city, and route 59 from Airport West to Elizabeth Street.

north melbourne Demographic Data

$ 740,000 Median House Price

8 Minutes Average Commute

29 Median Age

11,755 Population

49.60 % Female

50.40 % Male

2289 NO OF FAMILIES

1.7 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 north melbourne, Victoria.

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north 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.

north melbourne Median House Prices

  • 2008 $ 573,500
  • 2009 $ 610,000
  • 2010 $ 605,000
  • 2011 $ 796,500
  • 2012 $ 740,000

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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north 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 north 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 north melbourne property price predictions.

north melbourne Market Property Types

  • 4 % Seperate House
  • 37 % Semi Detached
  • 58 % 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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north 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.

north melbourne Income & Mortgage Stats

  • $ 1,229 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 north 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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north 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.

north melbourne Sold Property Prices

north 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.

north melbourne Related Local Blog Posts

Immigrants Are Pushing House Prices Higher

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

This week Melbourne’s auction market has been tested with over 1200 properties reportedly going under the hammer over the weekend. Although both Domain and the REIV show clearance rates at nearly 70%, this on the surface seems good but in actual fact is 10% down for the same time last year. Speaking to a number of agents around town confirms….

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?

north melbourne Restaurants

  • Urban Burger47 Errol St north melbourne VIC 305103 9328 1781
  • Town Hall Hotel33 Errol St north melbourne VIC 305103 9328 1983
  • The Crimean351 Queensberry St north melbourne VIC 305103 9329 3353

north melbourne Cafes

  • The French Quarter Patisserie Boulangerie570 Queensberry Stnorth melbourne VIC 305103 9326 9099
  • Tramezzini Cafe8 Errol Stnorth melbourne VIC 305103 9328 4582
  • Elceed610 Queensberry Stnorth melbourne VIC 305103 9326 8648

north melbourne Schools

  • St. Aloysius31-55 Curran Streetnorth melbourne VIC 3051(03) 9329 0411Catholic Secondary School
  • North Melbourne Language & Literacy33 Alfred Streetnorth melbourne VIC 3051(03) 9326 7447Adult Multicultural Education Service
  • St. Michaels Primary School8 Brougham Streetnorth melbourne VIC 3051(03) 9329 9206Catholic Primary School

north melbourne Childcare

  • Curzon St Childrens Ctr51 Curzon Stnorth melbourne VIC 3051
  • Hotham Hub Childrens Centre113 Melrose Stnorth melbourne VIC 3051
  • Lady Huntingfield Childrens Centre87-91 Haines Stnorth melbourne VIC 3051

north melbourne Kindergarten and Preschools

  • Lady Huntingfield Childrens Centrenorth melbourne VIC 3051
  • St. Marys Kindergartennorth melbourne VIC 3051

north melbourne Sporting Centres and Clubs

  • CV Premier Cricketnorth melbourne VIC 3051Cricket Club
  • AFL Clubs, North Melbournenorth melbourne VIC 3051Football Club
  • St. Marysnorth melbourne VIC 3051Tennis Club & Courts

north melbourne Vets

  • Lort Smithnorth melbourne VIC 3051
  • Lost Dogs Homenorth melbourne VIC 3051

Find out How Much your House is Worth in north melbourne

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