West Melbourne

POSTAL CODE: VIC, 3003
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Property investments in WEST MELBOURNE did not fare well against the rest of the country last year, registering a median home price decrease of -0.31%.

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 $730 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 59.6 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 $1,295,000.

WEST MELBOURNE ranks 455th on the list of best yielding suburbs for rental properties in VIC, posting a 2.93% return.

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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