East Melbourne (postcode 3002) is a smaller suburb in Victoria within the Melbourne local government area. The area has roughly 4,896 residents and an established family demographic, with a median age of 42. Households earn a median income of $122K per year, with an average household size of 1.8 people. Recent annual estimates show population movement into the broader catchment, with population growth running at +3.7% year-on-year at the LGA level. VIC employment has moved +0.9% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. VIC also had 45 Commonwealth-backed major projects under construction, 17 underway, and 27 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, managers, clerical & administrative. Employment in the area leans toward professional services and healthcare. The top ancestries reported are English, Australian, Irish.
Median house prices in East Melbourne stand at $3.6 million, having surged by 15.1% over the last twelve months. Units have a median price of $899,000 (+24% YoY). The current median weekly rent is $650. This gives a gross rental yield of approximately 0.9%. The median monthly mortgage repayment is $2,383.
Public transport access includes 7 rail stations, 28 bus stops. Healthcare facilities include 2 public and 5 private hospitals. The crime rate in the Melbourne LGA is higher than average at 23,998 incidents per 100,000 population.
Looking at the investment signals, The gross rental yield works out to roughly 0.9%, which reads as low yield. Property prices are above the state median ($3.6M/$875K), placing it in the premium segment. The price-to-income ratio of 29.9x is considered stretched. House prices have moved +15.1% year-on-year. Population growth of +3.7% year-on-year points to strong growth demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.