prahran

3181, Victoria

Real Estate & Property Information

Median
Price Rank
41

prahran Suburb Profile & Review

Prahran is home to the famous Chapel Street, a Melbourne landmark. Tourists and Melbournians alike flock to the trendy strip for its shops and cafes. Colonel Tan's boasts some delectable Thai cuisine within an American diner setting, while Electric Ladyland, an ultra-stylish bar situated on the first floor, offers a great view down onto Chapel Street.

Prahran is full of historic terrace houses situated next to public housing estates, as well as modern high rise apartment buildings. It is a home to young professionals and families attracted to the inner urban lifestyle. The Stonnington Council provides free events throughout the year with a strong focus on developing the local arts and culture. The bustling Prahran Market, situated on the South Yarra side of Commercial Road, is renowned as a fresh food bazaar, specialising in quality produce and specialty items. The start of Commercial Road just after Chapel Street is home to numerous gay and gay-friendly bars and clubs. When strolling through Victoria Gardens, it feels like you're in another world. The quiet tranquillity of the space is heightened by park benches under shady trees surrounded by spectacular gardens. There is an oval where dogs are allowed to run free while locals stand and watch.

Prahran is easily accessible by public transport, Prahran Station is on the Sandringham line, and it a short walk across to neighbouring South Yarra Station a major hub servicing the many south-eastern train lines. The route 5, route 6, route 64, route 72, route 78 and route 79 tram lines all run through Prahran.

prahran Demographic Data

$ 950,000 Median House Price

15 Minutes Average Commute

33 Median Age

11,191 Population

51.22 % Female

48.78 % Male

2464 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 prahran, Victoria.

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prahran 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.

prahran Median House Prices

  • 2008 $ 788,000
  • 2009 $ 808,000
  • 2010 $ 855,000
  • 2011 $ 923,500
  • 2012 $ 950,000

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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prahran 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 prahran 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 prahran property price predictions.

prahran Market Property Types

  • 29 % Seperate House
  • 19 % Semi Detached
  • 52 % 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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prahran 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.

prahran Income & Mortgage Stats

  • $ 1,609 Median Weekly Household Income
  • $ 2,383 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 prahran

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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prahran 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.

prahran Sold Property Prices

prahran 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.

prahran 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?

prahran Restaurants

  • Vin Cellar212 High Stprahran VIC 318103 9510 2820
  • The Tandoor50 Commercial Roadprahran VIC 318103 9521 4535
  • Saigon Rose206 Chapel Streetprahran VIC 318103 9510 9651

prahran Cafes

  • The Mission Cafe211 Chapel Stprahran VIC 318103 9692 9500
  • Williamsons' Pies and Pastries253 Chapel Stprahran VIC 318103 9510 1729
  • Babble Bar and Cafe4 Izett Stprahran VIC 318103 9510 6464

prahran Schools

  • Swinburne University144 High Streetprahran VIC 3181(03) 9214 8000Adult Multicultural Education Service
  • Our Lady of Lourdes Primary School7 Wynnstay Rdprahran VIC 3181(03) 9510 6688Catholic Primary School

prahran Childcare

  • High St Early Learning Centre349 High Streetprahran VIC 3181
  • Lancaster & Frank Hartley House698 Malvern Rdprahran VIC 3181
  • Princes Close Day Nursery17 Princes Streetprahran VIC 3181

prahran Sporting Centres and Clubs

  • CV Premier Cricketprahran VIC 3181Cricket Club
  • Orrong Park Tennis Centreprahran VIC 3181Tennis Club & Courts
  • Orrong Park Tennis Ctrprahran VIC 3181Tennis Club & Courts

prahran Vets

  • Prahran Veterinary Hospitalprahran VIC 3181

Find out How Much your House is Worth in prahran

Request a free market Basic Report for prahran 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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