Parkville

POSTAL CODE: VIC, 3052

HOUSE

UNIT

Property investors have seen a 0.29% gain in PARKVILLE based on an increase in median home prices for the past three months.

Based on its average 5-year and quarterly capital gains PARKVILLE, 3052 saw average growth in the long term.

The VIC 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 $1,725,000

Profits averaged -2.33% per annum over a 3-year period, due to an downward trend in home prices in PARKVILLE, 3052.

This means, real estate investors could earn a rental income of $880 based on current median home prices for the suburb.

The gross rental yield in PARKVILLE, 3052 is 2.65%.

An average of 2.5 real estate transactions take place per month in PARKVILLE which translates to 30 per annum.

Property investments in PARKVILLE did not fare well against the rest of the country last year, registering a median home price decrease of -3.5%.

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

Based on its average 5-year and quarterly capital gains PARKVILLE, 3052 saw average decrease in the long term.

This means, real estate investors could earn a rental income of $550 based on current median home prices for the suburb.

It is expected for properties to spend some time on the market prior to a successful sale. In PARKVILLE, homes and units usually stay on listing for an average of 72.5 days.

the VIC suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value.Investors saw the median home price rise to $482,500

Investors saw the median home price rise to $482,500.

PARKVILLE ranks 23rd on the list of best yielding suburbs for rental properties in VIC, posting a 5.93% return.

Surburb overview

Parkville, located approximately 3 kilometres north of Melbourne's Central Business District (CBD), is an inner-city suburb renowned for its educational institutions, medical facilities, and expansive parklands. According to the 2021 census, Parkville has a population of 7,074 residents.

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

Parkville offers many housing options, from historic Victorian terraces to modern apartments. According to recent data, the median property price for a house is approximately $2.369 million, a significant increase from $807,500 over the past two decades.

The suburb is well-served by public transportation. Multiple tram lines run through Parkville, and the nearby Royal Park railway station provides train services to various parts of Melbourne. Additionally, the suburb is accessible via major roads, facilitating easy commutes.

Parkville is home to several prestigious institutions, including the University of Melbourne and the Royal Melbourne Hospital. These establishments contribute to the suburb's reputation as a hub for education and medical excellence.

The suburb boasts a vibrant community with numerous cafes, restaurants, and boutique shops, particularly along Royal Parade. Cultural attractions include the Melbourne Zoo within Royal Park, providing residents ample outdoor and recreational opportunities.

Parkville 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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Data report can be found below

Key Property Date Report	HOUSE	UNIT
Median Price	$1,725,000	$482,500
Growth Report
Median Quarterly	0.29%	-0.31%
Median 12 month	-2.82%	-3.5%
Median 3 years	-7.98%	-1.33%
Median 5 years	0%	-6.58%
10 years average annual	3.86%	-0.28%
Weekly media advert. rent	$880	$550
Time on Market	47.9 days	72.5 days
Gross Rental Yield Percent	2.65%	5.93%

Demographics (Median Values)*

Total Population 5694

Weekly Household Income 1605

Household Size 2.20

Average Age 29

Monthly Loan Repayment 2000

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

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