East Melbourne

POSTAL CODE: VIC, 3002

HOUSE

UNIT

The suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $2,925,000.

Profits due to an downward trend in home prices there averaged -4.34% per annum over a 3-year period.

Home owners selling their properties and realtors in EAST MELBOURNE usually have to wait an average of 83.8 days days before their assets are lifted off the market.

Average weekly rents on listings have reached the $1050 mark, reflecting a 1.87% increase in returns based on the current median price in EAST MELBOURNE.

EAST MELBOURNE, 3002 places 632nd in Australia based on median property value growth during the quarter.

Figures from the previous quarter show that capital gains for real estate buyers in EAST MELBOURNE are low, as opposed to average gains per annum over the past five years.

Real estate investors could earn a rental income of $650 based on current median home prices for the suburb.

Average weekly rents on listings have reached the $650 mark, reflecting a 4.9% increase in returns based on the current median price in EAST MELBOURNE.

EAST MELBOURNE, 3002 ranks 262nd in VIC in terms of median property value increase and capital gains, based on year-to-date figures.

EAST MELBOURNE ranks 114th on the list of best yielding suburbs for rental properties in VIC, posting a 4.9% return.

Surburb overview

East Melbourne, postcode 3002, is an inner-city suburb approximately 2 kilometres east of Melbourne's Central Business District (CBD). According to the 2021 census, it has a population of 4,896 residents. The suburb attracts a diverse range of residents, including professionals, retirees, and small families, with a significant portion of the population aged 30-49.

Public transportation in East Melbourne is well-developed, offering residents convenient access to various parts of the city. Multiple tram and bus routes traverse the suburb, providing seamless connectivity to key destinations across Melbourne. Additionally, the proximity to Melbourne's central train station ensures hassle-free commuting for both work and leisure.

The suburb has several essential establishments, including medical facilities, educational institutions, and shopping centres. East Melbourne is adjacent to major hospitals and healthcare centres, ensuring residents can access comprehensive medical services. The area also boasts a variety of cafes, restaurants, and boutique shops, contributing to a vibrant local economy.

Recreational activities are abundant in East Melbourne, with numerous parks and green spaces available for public use. The picturesque Fitzroy Gardens, manicured lawns, tranquil walking paths, and historic landmarks provide an idyllic escape for nature lovers and outdoor enthusiasts alike. Additionally, the suburb's proximity to sporting facilities and fitness centres caters to active residents seeking to maintain a healthy lifestyle close to home.

East Melbourne offers urban convenience and suburban tranquillity, making it a desirable location for diverse residents.

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Data report can be found below

Key Property Date Report	HOUSE	UNIT
Median Price	$2,925,000	$690,000
Growth Report
Median Quarterly	-4.1%	-4.83%
Median 12 month	-24.52%	-1.43%
Median 3 years	-13.01%	-18.82%
Median 5 years	-16.43%	-12.38%
10 years average annual	4.67%	1.5%
Weekly media advert. rent	$1,050	$650
Time on Market	83.8 days	76.7 days
Gross Rental Yield Percent	1.87%	4.9%

Demographics (Median Values)*

Total Population 4964

Weekly Household Income 2285

Household Size 1.90

Average Age 38

Monthly Loan Repayment 2192

* Australian Bureau of Statistics (May 2021) 2016 Census DataPacks[https://datapacks.censusdata.abs.gov.au/datapacks/],ABS Website, accessed 2016.

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