Located in Victoria within the Mornington Peninsula local government area, Mornington is a sizeable suburb (postcode 3931). It is home to about 25,759 residents, with a settled, mature resident base and a median age of 50. 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 healthcare and construction. The top ancestries reported are English, Australian, Irish.
The median house price in Mornington is $1.1 million, having risen modestly by 1.9% over the past year. Units have a median price of $652,000 (-16.4% YoY). The current median weekly rent is $695. This gives a gross rental yield of approximately 3.3%. The median monthly mortgage repayment is $2,000.
Mornington is served by 7 schools, including 4 primary, 2 secondary, 1 special. The average ICSEA score is 1024, which is around the national average of 1,000. Public transport access includes 118 bus stops. Healthcare facilities include 1 public and 2 private hospitals. The crime rate in the Mornington Peninsula LGA is moderate at 7,089 incidents per 100,000 population.
On the investment side, Mornington shows a gross rental yield of approximately 3.3%, rated as moderate yield. Property prices are near the state median ($1.1M/$875K). The price-to-income ratio of 14.6x 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.