Suburb Profile Report for West Melbourne VIC (3003)

West Melbourne House: Median price $885,000, Annual capital growth 8.05%, Number of sales 28, Weekly median advertised rent $540

West Melbourne Unit: Median price $525,750, Annual capital growth 3.19%, Number of sales 122, Weekly median advertised rent $470

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

Source: CoreLogic

  • House Report
  • Unit Report

VIC has seen average median house prices change by 8.96% which means that West Melbourne, 3003 has done well for property investors by showing a capital gain of 20.41% over the last year

A 46.77% growth in median value for property investors in West Melbourne,3003 puts this suburb at number 705th in terms of best performing suburbs in VIC

Advertised rents are around the $540 mark per week – giving a return of 3.17% based on the median price in Suburb

West Melbourne is an average performer in VIC when comparing median price capital growth over the last year. West Melbourne gave property investors a average capital gain figure when compared to the rest of the state, with 5.10%.

West Melbourne,3003 has offered an average of 5.10% return per annum in house price rises to property investors over the last three years.

Property investors looking for a bargain in West Melbourne should be aiming for at least -4.82% off the asking price, which is the average vendor discount being achieved at the moment.

West Melbourne is 120th on a list of best yielding suburbs for rents in VIC with a 4.65% return

Metrics i HOUSE UNIT
$885,000 $525,750
-14.70% 9.30%
20.41% 5.10%
8.05% 3.19%
$540 $470
28 122
3.17% 4.65%
N/A 78.8

Source: CoreLogic

DSR Score for property investment : Good (H), Good (U)
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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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