Suburb Profile Report for West Melbourne VIC (3003)

West Melbourne House: Median price $885,000, Annual capital growth 6.24%, Number of sales 23, Weekly median advertised rent $550

West Melbourne Unit: Median price $477,500, Annual capital growth 2.20%, Number of sales 109, Weekly median advertised rent $460

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

Source: CoreLogic

  • House Report
  • Unit Report

West Melbourne is in the TOP 10% in VIC when comparing median price capital growth over the last year. West Melbourne gave property investors a very good capital gain figure when compared to the rest of the state, with 20.41%.

A 35.01% growth in median value for property investors in West Melbourne,3003 puts this suburb at number 453th in terms of best performing suburbs in VIC

In the last year 23 properties changed hands in West Melbourne, which puts it as the 571th most active market in VIC when comparing the number of sales per suburb.

VIC has seen average median house prices change by 3.11% which means that West Melbourne, 3003 has done well for property investors by showing a capital gain of -13.26% over the last year

If we look at median property appreciation over just the last three months, West Melbourne has given property investors a paper return of -2.55%. This puts Suburb as 292 on a list of fastest fasting appreciating suburbs in VIC

Property buyers and investors in West Melbourne 3003 should be seeing an average reduction in asking price of around -4.06% . This means that West Melbourne is holding prices well when compared to other suburbs in VIC.

Residents and property investors in West Melbourne have been waiting around 74 days to sell a property.

West Melbourne is 81th on a list of best yielding suburbs for rents in VIC with a 5.01% return

HOUSE UNIT
$885,000 $477,500
0.85% -2.55%
20.41% -13.26%
6.24% 2.20%
$550 $460
23 109
3.23% 5.01%
N/A 74

Source: CoreLogic

DSR Score for property investment : Above average (U), Good (H)
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Demographics
Total population 3743
Median household income ($/weekly) 1700
Median age of persons 30
Median housing loan repayment ($/monthly) 2383
Average household size 2.2
  • Census Count Percent(%)
    20-24 years 620 16.6
    25-34 years 1358 36.3
    35-44 years 637 17.0
    45-54 years 348 9.3
    55-64 years 210 5.6
    Others 571 15.3
    Age Group
    Census Count Percent(%)
    Not Married 1454 55.6
    Registered Married 666 25.5
    Defacto Relationship 493 18.9
    Social Marital Status
  • Census Count Percent(%)
    Australia 1841 56.8
    Croatia 200 6.2
    Lebanon 144 4.4
    Malta 136 4.2
    Other 207 6.4
    Others 714 22.0
    Country of Birth
    Census Count Percent(%)
    Buddhism 202 7.1
    Christianity 1130 39.8
    Hinduism 43 1.5
    Islam 93 3.3
    No Religion 1336 47.1
    Others 32 1.1
    Religious Affiliation
  • Census Count Percent(%)
    $1,000-$1,249 94 7.6
    $1,500-$1,999 175 14.2
    $2,000-$2,499 125 10.2
    $2,500-$2,999 153 12.4
    $4,000 or more 95 7.7
    Others 587 47.8
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 1402 46.5
    Not in the labour force 891 29.5
    Employed, worked part-time 519 17.2
    Unemployed, looking for work 129 4.3
    Employed, away from work 77 2.6
    Person Characteristics
  • Census Count Percent(%)
    Managers 333 16.7
    Professionals 776 38.8
    Technicians & trades workers 170 8.5
    Community & personal service workers 157 7.9
    Clerical & administrative workers 269 13.5
    Others 293 14.7
    Occupation
    Census Count Percent(%)
    Infants/Primary 80 9.7
    Secondary 78 9.4
    Technical or Further Educational Institution 95 11.5
    University or other Tertiary Institutions 505 61.0
    Other type of educational institution 45 5.4
    Others 25 3.0
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 1761 60.6
    Semi-detached, row or terrace house, townhouse 1042 35.9
    Separate house 90 3.1
    House or flat attached to a shop, office 13 0.4
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 796 60.1
    Being purchased 311 23.5
    Fully owned 215 16.2
    Other tenure type 3 0.2
    Tenure Type
Census 2011, ABS
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