West Melbourne is a mid-sized suburb in Victoria within the Melbourne local government area (postcode 3003). With a population of 8,025, the suburb has a young professional demographic with a median age of 31. Households earn a median income of $93K 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 Chinese, English, Australian.
The median house price in West Melbourne is $1.2 million, having risen modestly 1.3% over the past year. Units have a median price of $570,000 (-8.6% YoY). The current median weekly rent is $570. This gives a gross rental yield of approximately 2.4%. The median monthly mortgage repayment is $2,106.
West Melbourne is served by 1 school, including 1 secondary. The average ICSEA score is 1053, which is above the national average of 1,000. Public transport access includes 4 rail stations, 36 bus stops. Healthcare facilities include 1 public hospital. The crime rate in the Melbourne LGA is higher than average at 23,998 incidents per 100,000 population.
From an investment perspective, West Melbourne offers a gross rental yield of 2.4%, rated as low yield. Property prices are above the state median ($1.2M/$875K), placing it in the premium segment. The price-to-income ratio of 13.2x is considered stretched. House prices have moved +1.3% year-on-year.
West Melbourne is a mid-sized suburb in Victoria within the Melbourne local government area (postcode 3003). With a population of 8,025, the suburb has a young professional demographic with a median age of 31. Households earn a median income of $93K 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 Chinese, English, Australian.
The median house price in West Melbourne is $1.2 million, having risen modestly 1.3% over the past year. Units have a median price of $570,000 (-8.6% YoY). The current median weekly rent is $570. This gives a gross rental yield of approximately 2.4%. The median monthly mortgage repayment is $2,106.
West Melbourne is served by 1 school, including 1 secondary. The average ICSEA score is 1053, which is above the national average of 1,000. Public transport access includes 4 rail stations, 36 bus stops. Healthcare facilities include 1 public hospital. The crime rate in the Melbourne LGA is higher than average at 23,998 incidents per 100,000 population.
From an investment perspective, West Melbourne offers a gross rental yield of 2.4%, rated as low yield. Property prices are above the state median ($1.2M/$875K), placing it in the premium segment. The price-to-income ratio of 13.2x is considered stretched. House prices have moved +1.3% year-on-year.