West Melbourne

POSTAL CODE: VIC, 3003

HOUSE

UNIT

Property investments in WEST MELBOURNE did not fare well against the rest of the country last year, registering a median home price decrease of -12.04%.

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

Based on its average 5-year and quarterly capital gains WEST MELBOURNE, 3003 saw average decrease in the long term.

Real estate investors could earn a rental income of $727.5 based on current median home prices for the suburb.

It is expected, nonetheless, for properties to spend some time on the market prior to a successful sale. homes and units usually stay on listing for an average of 55.3 days.

Besides that, the Australian suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.

Property investors perceived the median home price rise to $1,205,000.

WEST MELBOURNE ranks 419th on the list of best yielding suburbs for rental properties in VIC, posting a 3.14% return.

Based on its average 5-year and quarterly capital gains WEST MELBOURNE, 3003 saw average decrease in the long term.

Besides that, the Australian suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value.

Profits due to an downward trend in home prices in WEST MELBOURNE, 3003 averaged -2.16% per annum over a 3-year period.

Average weekly rents on listings have reached the $632.5 mark, reflecting a 6.96% increase in returns based on the current median price in WEST MELBOURNE.

An average of 13.83 real estate transactions take place per month in WEST MELBOURNE which translates to 166 per annum.

166 properties were sold in WEST MELBOURNE during the past year, making it the 303rd most active market in VIC based on total real estate transactions.

WEST MELBOURNE, 3003 places 283rd in Australia based on median property value growth during the quarter.

Surburb overview

West Melbourne, bearing the postcode 3003, is an inner-city suburb located approximately 2 kilometres north-west of Melbourne's Central Business District (CBD). As per the 2021 census, the suburb has a population of 8,025 residents. The demographic composition is diverse, encompassing young professionals, families, and retirees, with a notable proportion of residents aged between 19 and 30.

Public transportation in West Melbourne is well-established, facilitating easy access to various parts of the city. The North Melbourne railway station is a significant junction, connecting multiple metropolitan and regional train lines. Additionally, several tram and bus routes traverse the suburb, providing residents with convenient commuting options.

The suburb has essential establishments, including educational institutions, healthcare facilities, and shopping centres. Proximity to the Melbourne CBD ensures access to various services and amenities. Local cafes, restaurants, and boutique shops contribute to the suburb's vibrant community atmosphere.

Recreational activities are abundant in West Melbourne, with several parks and green spaces available for public use. The nearby Flagstaff Gardens offer a serene environment for relaxation and leisure activities. Additionally, the suburb's proximity to cultural and entertainment venues provides residents diverse recreation and social engagement options.

West Melbourne's blend of urban convenience and community-oriented living makes it a desirable location for a diverse range of residents.

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Data report can be found below

Key Property Date Report	HOUSE	UNIT
Median Price	$1,205,000	$472,500
Growth Report
Median Quarterly	-7.13%	-1.56%
Median 12 month	-12.04%	5%
Median 3 years	-7.31%	-6.48%
Median 5 years	-0.82%	-19.95%
10 years average annual	8.22%	0.13%
Weekly media advert. rent	$728	$633
Time on Market	55.3 days	60.3 days
Gross Rental Yield Percent	3.14%	6.96%

Demographics (Median Values)*

Total Population 5515

Weekly Household Income 1766

Household Size 2.20

Average Age 30

Monthly Loan Repayment 2006

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

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