North Melbourne is a well-established suburb in Victoria within the Melbourne local government area (postcode 3051). With a population of 14,953, the suburb has a young professional demographic with a median age of 31. Households earn a median income of $89K per year, with an average household size of 2 people. The most common occupations are professionals, managers, clerical & administrative. The top ancestries reported are English, Australian, Chinese.
The median house price in North Melbourne is $1.3 million, having grown strongly 7.5% over the past year. Units have a median price of $520,000 (-5.5% YoY). The current median weekly rent is $570. This gives a gross rental yield of approximately 2.3%. The median monthly mortgage repayment is $2,035.
North Melbourne is served by 5 schools, including 2 primary, 1 secondary, 2 special. The average ICSEA score is 1023, which is around the national average of 1,000. Public transport access includes 7 rail stations, 47 bus stops. The crime rate in the Melbourne LGA is higher than average at 23,998 incidents per 100,000 population.
From an investment perspective, North Melbourne offers a gross rental yield of 2.3%, rated as low yield. Property prices are above the state median ($1.3M/$875K), placing it in the premium segment. The price-to-income ratio of 14.7x is considered stretched. House prices have moved +7.5% year-on-year.
North Melbourne is a well-established suburb in Victoria within the Melbourne local government area (postcode 3051). With a population of 14,953, the suburb has a young professional demographic with a median age of 31. Households earn a median income of $89K per year, with an average household size of 2 people. The most common occupations are professionals, managers, clerical & administrative. The top ancestries reported are English, Australian, Chinese.
The median house price in North Melbourne is $1.3 million, having grown strongly 7.5% over the past year. Units have a median price of $520,000 (-5.5% YoY). The current median weekly rent is $570. This gives a gross rental yield of approximately 2.3%. The median monthly mortgage repayment is $2,035.
North Melbourne is served by 5 schools, including 2 primary, 1 secondary, 2 special. The average ICSEA score is 1023, which is around the national average of 1,000. Public transport access includes 7 rail stations, 47 bus stops. The crime rate in the Melbourne LGA is higher than average at 23,998 incidents per 100,000 population.
From an investment perspective, North Melbourne offers a gross rental yield of 2.3%, rated as low yield. Property prices are above the state median ($1.3M/$875K), placing it in the premium segment. The price-to-income ratio of 14.7x is considered stretched. House prices have moved +7.5% year-on-year.