Located in Victoria within the Melton local government area, Melton is a mid-sized suburb (postcode 3337). The area has roughly 7,953 residents and an established family demographic, with a median age of 40. Households earn a median income of $55K per year, with an average household size of 2.4 people. Recent annual estimates show population movement into the broader catchment, with population growth running at +5.8% 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 machinery operators & drivers, technicians & trades, community & personal service. Employment in the area leans toward construction and healthcare. The top ancestries reported are Australian, English, Irish.
Melton has a median house price of $485,000, which has increased by 3% year-on-year. Units have a median price of $379,000 (-0.4% YoY). The current median weekly rent is $450. This gives a gross rental yield of approximately 4.8%. The median monthly mortgage repayment is $1,300.
Melton is served by 8 schools, including 3 primary, 3 secondary, 1 combined, 1 special. The average ICSEA score is 962, which is around the national average of 1,000. Public transport access includes 3 rail stations, 56 bus stops. The crime rate in the Melton LGA is moderate at 7,219 incidents per 100,000 population.
Looking at the investment signals, Melton shows a gross rental yield of approximately 4.8%, rated as moderate yield. Property prices sit below the state median ($485K/$875K), which can point to relative value. The price-to-income ratio of 8.8x is considered moderate. House prices have moved +3.0% year-on-year. Population growth of +5.8% year-on-year points to strong growth demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.