Suburb Profile Report for West Melbourne VIC (3003)

West Melbourne House: Median price $885,000, Annual capital growth 7.91%, Number of sales 29, Weekly median advertised rent $540

West Melbourne Unit: Median price $492,500, Annual capital growth 2.77%, Number of sales 78, Weekly median advertised rent $460

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

Source: CoreLogic

  • House Report
  • Unit Report

Property value increases in West Melbourne have tracked just higher than the VIC average of 7.80% over the last 12 months.

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in West Melbourne has increased when compared to the 5 year average annual rate.

Using the current median advertised rental of $540 and the average annual increase in value of a median property of 7.91%, investors should hope to achieve an overall return of 3.17%

Investment property in West Melbourne has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -13.29%

West Melbourne,3003 was ranked 1333 in Australia by increase in median property value over the quarter.

Property buyers and investors in West Melbourne 3003 should be seeing an average reduction in asking price of around -3.90% . This means that West Melbourne is holding prices well when compared to other suburbs in VIC.

In the last year 78 properties changed hands in West Melbourne, which puts it as the 115th most active market in VIC when comparing the number of sales per suburb.

Renters in Suburb are facing rents around $5520 per annum or $460 every week.

HOUSE UNIT
$885,000 $492,500
20.41% -2.48%
13.83% -13.29%
7.91% 2.77%
$540 $460
29 78
3.17% 4.86%
N/A 81.45

Source: CoreLogic

DSR Score for property investment : Good (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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