Suburb Profile Report for East Melbourne VIC (3002)

East Melbourne House: Median price $1,975,000, Annual capital growth 9.35%, Number of sales 27, Weekly median advertised rent $875

East Melbourne Unit: Median price $700,000, Annual capital growth 7.45%, Number of sales 64, Weekly median advertised rent $450

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Property investors who have had real estate in East Melbourne, 3002 should be relatively pleased with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 9.42%

Over the longer term, East Melbourne has seen property prices show investors a 21.17% return over the last 3 years. This is worse than over the last 12 months

Property investors should expect to get $875 weekly from the median priced house in this suburb.

Giving property investors a a solid capital gain of 15.61% for the last year, East Melbourne, 3002 is the 205th highest performer in Australia in this respect.

If we look at median property appreciation over just the last three months, East Melbourne has given property investors a paper return of -0.71%. This puts Suburb as 237 on a list of fastest fasting appreciating suburbs in VIC

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.33% offered to property buyers. Sellers in East Melbourne itself are offering an average vendor discount of -5.95% to real estate investors.

With the median price for a house in East Melbourne being $700000 and the advertised rent reaching $450 the gross rental yield for property investors calculates out to be 3.34%

Anthony Verrocchi Information supplied by:

Anthony Verrocchi
Top Lane Property

M
O 03 8677 2255

W http://www.toplaneproperty.com.au/
E averrocchi@toplaneproperty.com.au
East Melbourne is a premier suburb on the doorstep of the Melbourne CBD, popular for parks, sporting complexes, education and medical facilities, as well as fine dining and excellent public transport.

Council is committed to the preservation and upkeep of parks, gardens and streetscapes, in this premier suburb. There has been little recent development aside from the prestigious Mercy Hospital (The Clarendon) and upgrading of transport hubs.

Excellent transport options are available within walking distance, as well as access to low floor trams. Full summary

Selling points: East Melbourne has enjoyed consistent capital growth, is very tightly held and is at close proximity to major hospitals, universities and the CBD. Transport includes easy access to tram, train and bus services, major arterials or alternatively a brisk walk to the city centre.  With a warm and welcoming community, East Melbourne also boasts rich parklands, open green spaces and wide, landscaped streets. Locals also enjoy access to the very best in fine dining, sporting facilities, shopping and art and cultural events.

Most sought after properties: Two-bedroom houses and large two-bedroom apartments are the most popular. There is also good demand for larger, more expensive homes comprising of three bedrooms or more. 

Most common properties: Grand Victorian townhouses and art deco buildings. 

Top amenities: Melbourne’s specialist medical facilities are nearby, while multiple transport options at your doorstep provide easy access to major sporting complexes.

Local industry and business: Major hospitals, sporting complexes, car dealerships, and cafes/restaurants. 

Recent changes: Council is committed to the preservation and upkeep of parks, gardens and streetscapes, in this premier suburb. There has been little recent development aside from the prestigious Mercy Hospital (The Clarendon) and upgrading of transport hubs. 

Best streets: Gipps and Grey St are heavily concentrated with grand Victorian terraces; Powlett St is wide, with large land allotments and prestigious and ornate homes; while Clarendon St features prestige apartments and overlooks Fitzroy Gardens.

Public transport: Excellent transport options are available within walking distance, as well as access to low floor trams. 

Main arteries: There is freeway access via the Eastern & M1, Victoria Parade takes you directly into the CBD and Punt Rd leads to St Kilda Beach and the bay.

Close
HOUSE UNIT
$1,975,000 $700,000
-8.67% -0.71%
9.42% 15.61%
9.35% 7.45%
$875 $450
27 64
2.30% 3.34%
N/A 69.05

Source: CoreLogic

DSR Score for property investment : Above average (H), Good (U)
Find a mortgage broker in East Melbourne VIC
Demographics
Total population 4714
Median household income ($/weekly) 1989
Median age of persons 36
Median housing loan repayment ($/monthly) 2383
Average household size 1.8
  • Census Count Percent(%)
    25-34 years 1478 31.4
    35-44 years 650 13.8
    45-54 years 560 11.9
    55-64 years 615 13.0
    65-74 years 392 8.3
    Others 1019 21.6
    Age Group
    Census Count Percent(%)
    Not Married 1745 48.7
    Registered Married 1252 34.9
    Defacto Relationship 587 16.4
    Social Marital Status
  • Census Count Percent(%)
    Australia 2925 69.6
    Malta 72 1.7
    Papua New Guinea 155 3.7
    United Kingdom 258 6.1
    Other 191 4.5
    Others 600 14.3
    Country of Birth
    Census Count Percent(%)
    Buddhism 100 2.5
    Christianity 2200 54.8
    Hinduism 51 1.3
    Islam 28 0.7
    No Religion 1581 39.4
    Others 51 1.3
    Religious Affiliation
  • Census Count Percent(%)
    $1,250-$1,499 165 8.3
    $1,500-$1,999 252 12.7
    $2,500-$2,999 385 19.4
    $3,000-$3,499 159 8.0
    $4,000 or more 206 10.4
    Others 821 41.3
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 2190 55.0
    Not in the labour force 886 22.2
    Employed, worked part-time 666 16.7
    Employed, away from work 133 3.3
    Unemployed, looking for work 108 2.7
    Person Characteristics
  • Census Count Percent(%)
    Managers 523 17.5
    Professionals 1459 48.8
    Community & personal service workers 175 5.8
    Clerical & administrative workers 418 14.0
    Sales 162 5.4
    Others 255 8.5
    Occupation
    Census Count Percent(%)
    Infants/Primary 71 10.0
    Secondary 66 9.3
    Technical or Further Educational Institution 57 8.0
    University or other Tertiary Institutions 453 63.6
    Other type of educational institution 44 6.2
    Others 21 2.9
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 2607 66.6
    Semi-detached, row or terrace house, townhouse 1077 27.5
    Separate house 221 5.6
    House or flat attached to a shop, office 12 0.3
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 1193 56.0
    Fully owned 513 24.1
    Being purchased 414 19.4
    Other tenure type 12 0.6
    Tenure Type
Census 2011, ABS
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