South Melbourne is a well-established suburb in Victoria within the Port Phillip local government area (postcode 3205). With a population of 11,548, the suburb has an established demographic with a median age of 39. Households earn a median income of $109K per year, with an average household size of 1.9 people. The most common occupations are professionals, managers, clerical & administrative. The top ancestries reported are English, Australian, Irish.
The median house price in South Melbourne is $1.5 million, having declined 6.6% over the past year. Units have a median price of $612,000 (-6.6% YoY). The current median weekly rent is $600. This gives a gross rental yield of approximately 2.0%. The median monthly mortgage repayment is $2,200.
South Melbourne is served by 3 schools, including 1 primary, 1 secondary, 1 special. The average ICSEA score is 1057, which is above the national average of 1,000. Public transport access includes 4 rail stations, 2 tram stops, 39 bus stops. The crime rate in the Port Phillip LGA is higher than average at 13,835 incidents per 100,000 population.
From an investment perspective, South Melbourne offers a gross rental yield of 2.0%, rated 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 14.0x is considered stretched. House prices have moved -6.6% year-on-year.
South Melbourne is a well-established suburb in Victoria within the Port Phillip local government area (postcode 3205). With a population of 11,548, the suburb has an established demographic with a median age of 39. Households earn a median income of $109K per year, with an average household size of 1.9 people. The most common occupations are professionals, managers, clerical & administrative. The top ancestries reported are English, Australian, Irish.
The median house price in South Melbourne is $1.5 million, having declined 6.6% over the past year. Units have a median price of $612,000 (-6.6% YoY). The current median weekly rent is $600. This gives a gross rental yield of approximately 2.0%. The median monthly mortgage repayment is $2,200.
South Melbourne is served by 3 schools, including 1 primary, 1 secondary, 1 special. The average ICSEA score is 1057, which is above the national average of 1,000. Public transport access includes 4 rail stations, 2 tram stops, 39 bus stops. The crime rate in the Port Phillip LGA is higher than average at 13,835 incidents per 100,000 population.
From an investment perspective, South Melbourne offers a gross rental yield of 2.0%, rated 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 14.0x is considered stretched. House prices have moved -6.6% year-on-year.