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Prahran

POSTAL CODE: VIC, 3181
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PRAHRAN, 3181 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 $1,630,000.

Profits due to an downward trend in home prices in the suburb averaged -2.72% per annum over a 3-year period.

PRAHRAN now ranks at the 643rd place on a list of fastest growing suburbs in the territory.

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

Because of this real estate investors could earn a rental income of $770 based on current median home prices.

Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In PRAHRAN, homes and units usually stay on listing for an average of 52.4 days.

In 2016, 158 properties were sold in PRAHRAN during the past year, making it the 564th most active market in VIC based on total real estate transactions.

Surburb overview

Prahran is an inner-south-eastern suburb of Melbourne located within the City of Stonnington. The suburb is situated approximately 5 kilometres south-east of the Melbourne central business district and is bordered by South Yarra, Windsor, Toorak and St Kilda East.

Prahran recorded a population of around 12,000 residents at the 2021 census, reflecting its compact size and high residential density. The demographic profile is characterised by a high proportion of young adults, professionals and renters, with a median age well below the metropolitan average.

Single-person and couple households are common, alongside a smaller number of family households. Housing in Prahran consists largely of apartments and townhouses, with a smaller proportion of detached Victorian and Edwardian-era houses. Residential density is highest near Chapel Street, commercial precincts and transport corridors, while side streets retain a more traditional inner-urban form.

Public transport access is a defining feature, with Prahran railway station located on the Sandringham line. The station provides frequent train services to the Melbourne CBD and bayside suburbs. 

Multiple tram routes operate along Chapel Street, High Street and nearby arterial roads, offering extensive connectivity across inner Melbourne. Road access is provided by Chapel Street, High Street and Malvern Road, though traffic congestion and limited parking are common.

Prahran is a major retail, dining and entertainment destination, centred on Chapel Street. The precinct contains supermarkets, specialty retail, cafés, restaurants, bars, medical clinics and professional services. Prahran Market is a long-established landmark and functions as a significant fresh food and specialty retail destination.

Educational facilities in and around Prahran include primary schools and proximity to secondary schools and tertiary institutions in neighbouring inner suburbs.

Recreational amenities include Princes Gardens and other local reserves that provide open space, playgrounds and passive recreation. Prahran is also located close to larger parklands in surrounding suburbs, including Fawkner Park and Albert Park. Shared walking and cycling routes connect Prahran to adjacent inner-city areas.

Employment among residents spans professional services, retail, hospitality, health care and creative industries, with many working locally or commuting short distances. Prahran’s character is shaped by its inner-city location, strong public transport access and concentration of retail, dining and higher-density residential development within Melbourne’s inner south-east.

 

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