Located in Victoria within the Melbourne local government area, Melbourne is a large, densely settled suburb (postcode 3000). The area has roughly 54,941 residents and a young professional demographic, with a median age of 29. Households earn a median income of $75K per year, with an average household size of 1.7 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, community & personal service, managers. Employment in the area leans toward accommodation & food and professional services. The top ancestries reported are Chinese, English, Australian.
Units have a median price of $493,000 (-14.3% YoY). The current median weekly rent is $660. This gives a gross rental yield of approximately 7.0%. The median monthly mortgage repayment is $1,800.
Melbourne is served by 6 schools, including 2 secondary, 2 combined, 2 special. The average ICSEA score is 1077, which is above the national average of 1,000. Public transport access includes 29 rail stations, 158 bus stops. Healthcare facilities include 4 public and 4 private hospitals. The crime rate in the Melbourne LGA is higher than average at 23,998 incidents per 100,000 population.
On the investment side, The gross rental yield works out to roughly 7.0%, which reads as high yield. Property prices sit below the state median ($493K/$875K), which can point to relative value. The price-to-income ratio of 6.5x is considered moderate. House prices have moved -14.3% 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.