Prahran (postcode 3181) is a well-established suburb in Victoria within the Stonnington local government area. With a population of 12,203, the suburb has a blend of families and working-age professionals with a median age of 34. Households earn a median income of $110K per year, with an average household size of 1.8 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +1.3% 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.
The median house price in Prahran is $1.5 million, having moved lower by 3.5% over the past year. Units have a median price of $450,000 (-16.7% YoY). The current median weekly rent is $590. This gives a gross rental yield of approximately 2.0%. The median monthly mortgage repayment is $2,274.
Prahran is served by 1 school, including 1 primary. The average ICSEA score is 1142, which is well above the national average of 1,000. Public transport access includes 2 rail stations, 49 bus stops. Healthcare facilities include 2 private hospitals. The crime rate in the Stonnington LGA is higher than average at 12,012 incidents per 100,000 population.
From an investment perspective, The gross rental yield works out to roughly 2.0%, which reads as low yield. Property prices are above the state median ($1.5M/$875K), placing it in the premium segment. The price-to-income ratio of 13.9x is considered stretched. House prices have moved -3.5% year-on-year. Population growth of +1.3% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.