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West Melbourne
AREA REPORTS

West Melbourne

West Melbourne - SUBURB PROFILE REPORT
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 11.3%.

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 growth in the long term.

Real estate investors could earn a rental income of $550 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 0.0 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 $1,280,000.

WEST MELBOURNE ranks 454th on the list of best yielding suburbs for rental properties in VIC, posting a 2.23% return.

Data report can be found below

West Melbourne
KEY PROPERTY DATA REPORT HOUSE UNIT
Median Price $1,280,000 $580,000
GROWTH REPORT
Median Quarterly -5.88% 0%
Median 12 month 11.3% -0.88%
Median 3 years 27.55% 11.86%
Median 5 years 45.87% 18.37%
10 years average annual 8.91% 2.23%
Weekly media advert. rent $550 $380
Time on Market 0.0 days 80.4 days
Gross Rental Yield Percent 2.23% 3.41%
demographics (median values)*
Total Population
5515
Weekly Household Income
1766
Household Size
2.20
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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