McCrae (postcode 3938) is a compact suburb in Victoria within the Mornington Peninsula local government area. The area has roughly 3,311 residents and a predominantly older resident base, with a median age of 55. Households earn a median income of $75K per year, with an average household size of 2.3 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +0.8% 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, technicians & trades, managers. Employment in the area leans toward construction and healthcare. The top ancestries reported are English, Australian, Irish.
Median house prices in McCrae stand at $1.3 million, having eased back by 1.9% over the last twelve months. Units have a median price of $659,000 (-20.6% YoY). The median weekly rent is $392 (Census 2021). This gives a gross rental yield of approximately 1.6%. The median monthly mortgage repayment is $2,000.
Public transport access includes 10 bus stops. The crime rate in the Mornington Peninsula LGA is moderate at 7,089 incidents per 100,000 population.
On the investment side, Gross rental yield sits at around 1.6% (low yield). Property prices are above the state median ($1.3M/$875K), placing it in the premium segment. The price-to-income ratio of 17.4x is considered stretched. House prices have moved -1.9% year-on-year. Population growth of +0.8% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.