West Melbourne (postcode 3003) is a medium-sized suburb in Victoria within the Melbourne local government area. The area has roughly 8,025 residents and a predominantly early-career 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. 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, managers, clerical & administrative. Employment in the area leans toward professional services and accommodation & food. The top ancestries reported are Chinese, English, Australian.
The median house price in West Melbourne is $1.2 million, having ticked up by 1.3% over the past year. Units have a median price of $434,000 (-23.9% YoY). The current median weekly rent is $600. This gives a gross rental yield of approximately 2.5%. 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.
Looking at the investment signals, West Melbourne shows a gross rental yield of approximately 2.5%, 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. 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.