parkville

3052, Victoria

Real Estate & Property Information

Median
Price Rank
37

parkville Suburb Profile & Review

Parkville is a leading educational, healthcare and research district located just outside the Melbourne CBD. It is home to the University of Melbourne and Monash University's Pharmaceutical Campus. There are also three major hospitals; the Royal Melbourne Hospital, theRoyal Women's Hospital, and theRoyal Children's Hospital. They are considered some of Australia's most reputable healthcare facilities. There are also a number of biomedical research facilities in the area, including CSL and the Walter and Eliza Hall Institute.

The 2006 Commonwealth Games' Athletes Village was built in Parkville. Its large modern houses provide very close proximity to the city. The suburb is generally home to students and medical or research workers. Over half of all residents are under 34 years of age. The Royal Melbourne Zoo is a fantastic tourist attraction located in Royal Park. University High School is one of Australia's best public co-educational high schools and it has an enrolment of just over 1,000 students.

The Royal Park railway station is situated on the Upfield line to the north of the zoo. Tram route 55 runs through the suburb to West Coburg, routes 57 and 59 run along Flemington Road, route 19 runs up Royal Parade, and Swanston Street acts as the terminus for numerous tram routes.

parkville Demographic Data

$ 1,025,000 Median House Price

9 Minutes Average Commute

24 Median Age

6,193 Population

52.69 % Female

47.31 % Male

840 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 parkville, Victoria.

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parkville 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.

parkville Median House Prices

  • 2008 $ 847,501
  • 2009 $ 1,085,200
  • 2010 $ 1,170,000
  • 2011 $ 1,150,000
  • 2012 $ 1,025,000

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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parkville 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 parkville 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 parkville property price predictions.

parkville Market Property Types

  • 11 % Seperate House
  • 34 % Semi Detached
  • 55 % 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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parkville 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.

parkville Income & Mortgage Stats

  • $ 1,487 Median Weekly Household Income
  • $ 2,100 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 parkville

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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parkville 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.

parkville Sold Property Prices

parkville 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.

parkville 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?

parkville Restaurants

  • The Avenue Bistro539 Royal Pdeparkville VIC 305203 9380 6062
  • Shuji SushiNew Royal Children's Hospital, 50 Flemington Rd parkville VIC 305203 9348 1836
  • Naughtons' Parkville Hotel43 Royal Parade parkville VIC 305203 9347 2255

parkville Schools

  • University High School77 Story Streetparkville VIC 3052(03) 9347 2022State Secondary College
  • Melbourne UniversityGrattan Streetparkville VIC 3052(03) 8344 4000University
  • Melbourne Graduate House220 Leicester Streetparkville VIC 3052(03) 9347 3428University

parkville Childcare

  • Pelican Child Care Centre14 Kirrip Cresparkville VIC 3052
  • Wimble Street Child Care Co-op18 Wimble Streetparkville VIC 3052

parkville Sporting Centres and Clubs

  • Parkvilleparkville VIC 3052Baseball Club
  • CV Premier Cricket, Melbourne Universityparkville VIC 3052Cricket Club
  • Melbourne University Rugby Football Club, Royal Parkparkville VIC 3052Football Club

Find out How Much your House is Worth in parkville

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