Parkville (postcode 3052) is a moderately sized suburb in Victoria within the Melbourne local government area. It is home to about 7,074 residents, with a predominantly early-career demographic and a median age of 26. Households earn a median income of $98K per year, with an average household size of 2.1 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, clerical & administrative. Employment in the area leans toward education and accommodation & food. The top ancestries reported are English, Australian, Irish.
Median house prices in Parkville stand at $1.7 million, having dropped significantly by 29.9% over the last twelve months. Units have a median price of $568,000 (+9.1% YoY). The current median weekly rent is $620. This gives a gross rental yield of approximately 1.8%. The median monthly mortgage repayment is $2,000.
Parkville is served by 2 schools, including 1 secondary, 1 special. The average ICSEA score is 1117, which is well above the national average of 1,000. Public transport access includes 7 rail stations, 41 bus stops. Healthcare facilities include 2 public hospitals. The crime rate in the Melbourne LGA is higher than average at 23,998 incidents per 100,000 population.
On the investment side, Gross rental yield sits at around 1.8% (low yield). Property prices are above the state median ($1.7M/$875K), placing it in the premium segment. The price-to-income ratio of 17.8x is considered stretched. House prices have moved -29.9% 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.