Port Melbourne is a settled mid-to-large suburb in Victoria within the Port Phillip local government area (postcode 3207). It is home to about 17,633 residents, with an established family demographic and a median age of 42. Households earn a median income of $123K 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 +2.0% 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, managers, clerical & administrative. Employment in the area leans toward professional services and healthcare. The top ancestries reported are English, Australian, Irish.
Median house prices in Port Melbourne stand at $1.6 million, having declined steeply by 8.8% over the last twelve months. Units have a median price of $708,000 (-6.7% YoY). The current median weekly rent is $795. This gives a gross rental yield of approximately 2.6%. The median monthly mortgage repayment is $2,500.
Port Melbourne is served by 3 schools, including 1 primary, 1 secondary, 1 special. The average ICSEA score is 1106, which is well above the national average of 1,000. Public transport access includes 5 rail stations, 3 tram stops, 3 ferry wharfves, 87 bus stops. The crime rate in the Port Phillip LGA is higher than average at 13,835 incidents per 100,000 population.
On the investment side, Gross rental yield sits at around 2.6% (low yield). Property prices are above the state median ($1.6M/$875K), placing it in the premium segment. The price-to-income ratio of 13.0x is considered stretched. House prices have moved -8.8% year-on-year. Population growth of +2.0% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.