Located in Victoria within the Melbourne local government area, Kensington is an established suburb (postcode 3031). It is home to about 10,745 residents, with a mix of families and early-career residents and a median age of 35. Households earn a median income of $115K per year, with an average household size of 2.1 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 Kensington stand at $1.0 million, having declined by 6.5% over the last twelve months. Units have a median price of $457,000 (-13.7% YoY). The current median weekly rent is $570. This gives a gross rental yield of approximately 2.9%. The median monthly mortgage repayment is $2,162.
Kensington is served by 3 schools, including 2 primary, 1 secondary. The average ICSEA score is 1103, which is well above the national average of 1,000. Public transport access includes 3 rail stations, 16 bus stops. The crime rate in the Melbourne LGA is higher than average at 23,998 incidents per 100,000 population.
On the investment side, Kensington shows a gross rental yield of approximately 2.9%, rated as low yield. Property prices are near the state median ($1.0M/$875K). The price-to-income ratio of 8.9x is considered moderate. House prices have moved -6.5% 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.