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North Melbourne

POSTAL CODE: VIC, 3051
HOUSE
UNIT

Property investments in NORTH MELBOURNE fare well against the rest of the country last year, registering a median home price increase of 1.76%.

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 NORTH MELBOURNE, 3051 saw average growth in the long term.

Real estate investors could earn a rental income of $770 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 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 $1,294,888.

NORTH MELBOURNE ranks 422nd on the list of best yielding suburbs for rental properties in VIC, posting a 3.09% return.

Surburb overview

North Melbourne, located approximately 3 kilometres northwest of Melbourne's Central Business District (CBD), is an inner-city suburb within the City of Melbourne. According to the 2021 census, it has a population of 14,953 residents.

The suburb attracts diverse residents, including young professionals, students, and families, mainly due to its proximity to universities and the CBD. The predominant age group is 20-29 years.

North Melbourne offers many housing options, from historic Victorian terraces to modern apartments. As of recent data, the median property price for a house is approximately $1,143,866, with an annual capital growth of -18.00%. Rental yields for houses are currently around 3.03%, with an average median rent of $700 per week.

The suburb is well-served by public transportation. Multiple tram lines run through North Melbourne, and the North Melbourne railway station provides train services to various parts of Melbourne. Additionally, a new station is under construction as part of the Metro Tunnel project, further enhancing connectivity.

North Melbourne has several educational institutions, including North Melbourne Primary School, St Aloysius College, and North Melbourne Grammar College. The University High School in nearby Parkville is also within walking distance.

The suburb boasts a vibrant community with numerous cafes, restaurants, and boutique shops, particularly along Errol Street. Cultural attractions include the Meat Market Arts Centre and the historic Queen Victoria Market, which is on its doorstep. Several parks and green spaces, such as Royal Park, provide residents ample outdoor and recreational opportunities.

North Melbourne offers a unique blend of historical charm and modern urban living, making it a highly sought-after location for many residents.

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