west melbourne

3003, Victoria

Real Estate & Property Information

Median
Price Rank
104

west melbourne Suburb Profile & Review

Located just 3km north-west of the CBD, West Melbourne is surprisingly large despite the fact that it is an inner city suburb. This is due to its largely industrial nature, and the fact that a sizable portion of the suburb is occupied by the Port of Melbourne. West Melbourne is comprised of terrace houses, converted warehouses and newly-built apartment blocks. The famous Queen Victoria Market is located just across Peel Street at Victoria Street.

Flagstaff Gardens provide some fantastic greenery, while Festival Hall is a much loved music and sporting venue which has hosted many historic events since its opening in 1915. Harbour Town and Spencer Street DFO are nearby to satisfy any retail requirements. Errol Street is just over Victoria Street, and offers many restaurants, cafes and bars to enjoy.

North Melbourne'station is a busy railway station on the Craigieburn, Sydenham, Upfield, Werribee and Williamstown lines, and it is also a stop on most V/Line services. A number of tram routes serve the periphery of the suburb: La Trobe Street offers numerous trams into the city and beyond, route 55 travels along Peel Street, and route 57 travels along Victoria Street.

west melbourne Demographic Data

$ 720,000 Median House Price

5 Minutes Average Commute

30 Median Age

3,744 Population

43.43 % Female

56.57 % Male

727 NO OF FAMILIES

1.4 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 west melbourne, Victoria.

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west 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.

west melbourne Median House Prices

  • 2008 $ 605,000
  • 2009 $ 550,000
  • 2010 $ 670,000
  • 2011 $ 792,500
  • 2012 $ 720,000

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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west 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 west 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 west melbourne property price predictions.

west melbourne Market Property Types

  • 3 % Seperate House
  • 34 % Semi Detached
  • 63 % 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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west 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.

west melbourne Income & Mortgage Stats

  • $ 1,700 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 west 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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west 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.

west melbourne Sold Property Prices

west 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.

west 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?

west melbourne Restaurants

  • Witches in Britches84 Dudley Streetwest melbourne VIC 300303 9329 9850
  • White Lotus Vegetarian Restaurant185 Victoria St west melbourne VIC 300303 9326 6040
  • Warung Angus305 Victoria Streetwest melbourne VIC 300303 9329 1737

west melbourne Cafes

  • Cafe Scaletti487 Elizabeth Stwest melbourne VIC 300303 9328 3336
  • Cafe 6Six 5Fifty 5Five655 Spencer Stwest melbourne VIC 300303 9329 0032
  • Invita76 Therry Streetwest melbourne VIC 300303 9329 1267

west melbourne Schools

  • Simonds College West Melbourne Campus273 Victoria Stwest melbourne VIC 3003(03) 9321 9200Catholic Secondary School
  • DOXA School300 Rosslyn Stwest melbourne VIC 3003(03) 9328 8100Catholic Special School

west melbourne Sporting Centres and Clubs

  • City of Melbournewest melbourne VIC 3003Bowling Club
  • Exhibition Gardenswest melbourne VIC 3003Tennis Club & Courts
  • Flagstaff Gardenswest melbourne VIC 3003Tennis Club & Courts

Find out How Much your House is Worth in west melbourne

Request a free market Basic Report for west melbourne 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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