preston

3072, Victoria

Real Estate & Property Information

Median
Price Rank
170

preston Suburb Profile & Review

Preston is equally popular with young and old for its trendy eateries, respected schools and sprawling parklands. Located a mere twenty minutes from the city, Preston is serviced by both Bell and Preston train stations on the South Morang line. It is also easily accessible by trams which travel to Collins Street, the Docklands and Fitzroy Street respectively.

High Street boasts an abundance of fashionable coffee spots and restaurants, while the bustling Preston Market remains one of Melbourne's most booming traditional markets. Northland Shopping Centre is a major shopping centre on Murray Road featuring over 330 specialty stores including a Hoyts Cinema, Myer, Safeway, Coles and Kmart. Preston's staggering nineteen parks and reserves include the Preston City Oval, a major recreation facility with room for everything from cricket and football to kite-flying and picnicking, while the Merri Creek Trail provides a picturesque route for cyclists and joggers.

Preston houses a campus of the Northern Melbourne Institute of TAFE, in addition to several prestigious public and private schools such as Preston Girls Secondary College and Parade College, a Catholic boys' school. Due to its dynamic multicultural and artistic community, Preston regularly comes to life with performances and festivals such as the Darebin Music Feast.

preston Demographic Data

$ 600,000 Median House Price

21 Minutes Average Commute

36 Median Age

29,925 Population

50.44 % Female

49.56 % Male

7484 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 preston, Victoria.

Learn more about data
X

preston 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.

preston Median House Prices

  • 2008 $ 450,550
  • 2009 $ 460,000
  • 2010 $ 515,500
  • 2011 $ 605,000
  • 2012 $ 600,000

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.

Learn more about data
X

preston 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 preston 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 preston property price predictions.

preston Market Property Types

  • 69 % Seperate House
  • 13 % Semi Detached
  • 18 % 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.

Learn more about data
X

preston 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.

preston Income & Mortgage Stats

  • $ 1,155 Median Weekly Household Income
  • $ 1,863 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 preston

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.

Learn more about data
X

preston 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.

preston Sold Property Prices

preston 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.

preston 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?

preston Restaurants

  • The Raccoon Club145 Plenty Rdpreston VIC 30720433 827003
  • Pho Hung447 High Stpreston VIC 307203 9470 1588
  • Pancake ParlourNorthland Shopping Centre, 2-50 Murray Roadpreston VIC 307203 9471 0562

preston Cafes

  • Pearl Oyster114 Miller Streetpreston VIC 307203 9480 2500
  • Pomona Cafe474b Murray Roadpreston VIC 307203 9478 0026
  • The Old Fire Station Cafe Gallery378 High Streetpreston VIC 307203 9471 2100

preston Schools

  • Parade College Preston Campus8 Clifton Grovepreston VIC 3072(03) 9480 2922Catholic Secondary School
  • St. Raphaels Primary SchoolCooper Streetpreston VIC 3072(03) 9478 8374Catholic Primary School
  • Sacred Heart Primary School1 Clifton Grovepreston VIC 3072(03) 9484 3514Catholic Primary School

preston Childcare

  • ABC Learning Centre22A Regent Streetpreston VIC 3072
  • Nara Community CCCSt. Georges Roadpreston VIC 3072
  • Melbourne Kids24 Sheila Stpreston VIC 3072

preston Kindergarten and Preschools

  • Gower Street Kindergarten146 Gower Streetpreston VIC 3072
  • Melbourne Kids24 Sheila Stpreston VIC 3072
  • Northland Kinder HavenWood Stpreston VIC 3072

preston Sporting Centres and Clubs

  • Preston (S), Robinson Respreston VIC 3072Baseball Club
  • Preston Yacht Clubpreston VIC 3072Boating Club
  • Darebin Womenspreston VIC 3072Football Club

Find out How Much your House is Worth in preston

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

Download Free Market Report
Share with friendsX