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Upwey

POSTAL CODE: VIC, 3158
HOUSE

Property investors have seen a 1.71% gain in UPWEY based on an increase in median home prices for the past three months.

Based on its average 5-year and quarterly capital gains UPWEY, 3158 saw average growth in the long term.

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 $890,000

Profits averaged 0% per annum over a 3-year period, due to an upward trend in home prices in UPWEY, 3158.

This means, real estate investors could earn a rental income of $660 based on current median home prices for the suburb.

The gross rental yield in UPWEY, 3158 is 3.86%.

An average of 8.5 real estate transactions take place per month in UPWEY which translates to 102 per annum.

Surburb overview

Upwey is an outer-eastern suburb of Melbourne located within the Shire of Yarra Ranges at the western edge of the Dandenong Ranges. The suburb is situated approximately 35 kilometres east of the Melbourne central business district and is bordered by Upper Ferntree Gully, Tecoma and extensive forested parkland.

Upwey recorded a population of around 6,500 residents at the 2021 census, reflecting its role as a small hills suburb with a village-style layout. The demographic profile includes a high proportion of families and long-term residents, with a median age above the metropolitan average.

Housing in Upwey is predominantly detached dwellings, many built on sloping blocks that follow the natural terrain of the Dandenong Ranges foothills. Development density is low, with limited townhouse or apartment construction and strong environmental considerations influencing new development.

Public transport access is a key feature, with Upwey railway station located on the Belgrave line. The station provides direct train services to the Melbourne CBD and the eastern suburbs, supporting daily commuting for residents of the surrounding hills communities.

Bus services operate through the suburb, connecting residential areas to nearby suburbs and local facilities. Road access is primarily via Burwood Highway, which provides east–west connectivity and links to arterial road networks across Melbourne’s east.

Local retail and service amenities are centred around the Upwey village shopping strip, which includes cafés, takeaway food outlets, small retailers and everyday services. Residents rely on nearby centres such as Belgrave, Ferntree Gully and Knox City for major supermarkets, medical centres and expanded retail options.

Educational facilities include a local primary school, with secondary schools located in surrounding suburbs and accessible by train, bus or car.

Recreational amenities are a defining aspect of Upwey’s character, with immediate access to the Dandenong Ranges National Park. Bushwalking tracks, picnic areas and nature reserves provide opportunities for outdoor recreation and community use. 

Local parks, playgrounds and sporting reserves support informal recreation and junior sport rather than large-scale facilities. Tree-lined streets, bushland views and a strong connection to the natural environment contribute to a semi-rural atmosphere despite metropolitan proximity.

Upwey’s identity is shaped by its rail access, low-density housing and close integration with the surrounding forested landscapes of the Dandenong Ranges.

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