Located in Victoria within the Melton local government area, Melton West is a medium-sized suburb (postcode 3337). It is home to about 8,784 residents, with a mix of families and early-career residents and a median age of 36. Households earn a median income of $75K per year, with an average household size of 2.8 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 technicians & trades, community & personal service, clerical & administrative. Employment in the area leans toward retail trade and construction. The top ancestries reported are English, Australian, Scottish.
Median house prices in Melton West stand at $533,000, having edged higher by 1.4% over the last twelve months. Units have a median price of $468,000 (+13.3% YoY). The current median weekly rent is $480. This gives a gross rental yield of approximately 4.7%. The median monthly mortgage repayment is $1,500.
Melton West is served by 5 schools, including 3 primary, 1 secondary, 1 combined. The average ICSEA score is 980, which is around the national average of 1,000. Public transport access includes 54 bus stops. Healthcare facilities include 1 public hospital. The crime rate in the Melton LGA is moderate at 7,219 incidents per 100,000 population.
Looking at the investment signals, Gross rental yield sits at around 4.7% (moderate yield). Property prices sit below the state median ($533K/$875K), which can point to relative value. The price-to-income ratio of 7.1x is considered moderate. House prices have moved +1.4% 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.