Suburb Profile Report for Flemington VIC (3031)

Flemington House: Median price $1,008,750, Annual capital growth 9.09%, Number of sales 76, Weekly median advertised rent $520

Flemington Unit: Median price $434,400, Annual capital growth 5.86%, Number of sales 72, Weekly median advertised rent $330

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales
TOP 100 suburbs

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Property investors who have had real estate in Flemington, 3031 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 13.47%

While Flemington,3031 ranked number 206th in VIC for increase in median house value (annualised) increase, it is ranked 229th over the last 5 years.

Vendor discounting in Flemington is giving property investors an average Vendor Discount of around -1.77%. This puts suburb at number 611th in VIC when ranking the most discounted suburbs.

On average over the past year, suburb has had 6.33 sales per month, which equates to 76 per year.

Property investors should expect to get $520 weekly from the median priced house in this suburb.

With a capital gain of -0.71% for the last 12 months, Flemington, 3031 has performed for property investments than its average annual 5.86% property growth over the last 5 years.

Flemington,3031 was ranked 492 in Australia by increase in median property value over the quarter.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.68% offered to property buyers. Sellers in Flemington itself are offering an average vendor discount of -4.30% to real estate investors.

Residents and property investors in Flemington have been waiting around 66.27 days to sell a property.

Property investors should expect to get $330 weekly from the median priced house in this suburb.

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WBP’s Sean Thomson suggests that it’s becoming hard to buy well in Flemington’s house market, as prices have gone up so substantially in recent times. “It’s become a very popular area. If you can get into the area, I’d be concentrating on the apartment market,” he says.

Full summary

WBP’s Sean Thomson suggests that it’s becoming hard to buy well in Flemington’s house market, as prices have gone up so substantially in recent times. “It’s become a very popular area. If you can get into the area, I’d be concentrating on the apartment market,” he says.

Units have been more than holding their own compared to houses, and their median price offers an entry point that's realistic on an investor budget.

“I would be concentrating on either one- or two-bedroom apartments,” says Thomson. “As an investor I’d stay away from three-bedrooms. With the investor market, if you buy a one- or two-bedroom apartment, in a 10 to 15-year time period you’re going to have better growth and more opportunity with buyers in the long-term. The three-bedroom market is mainly homebuyers rather than homebuyers and investors.”

He adds that Flemington, like a lot of Melbourne’s popular inner-ring suburbs, offers the kind of lifestyle and amenities that the city’s urban go-getters look for.

“The village lifestyle is becoming very important, where people eat out for breakfast lunch and dinner. So if you’re close to 24-7 wining and dining, but also parks and public transport then your property’s going to become more and more popular as time goes on.”

And with half of Flemington’s population being renters, according to ABS data, it appears that the local demographics support Thomson’s thinking.

Close
Metrics i HOUSE UNIT
$1,008,750 $434,400
3.83% 2.82%
13.47% -0.71%
9.09% 5.86%
$520 $330
76 72
2.68% 3.95%
33.5 66.27

Source: CoreLogic

DSR Score for property investment : Very good (H), Good (U)
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Demographics
Total population 7528
Median household income ($/weekly) 1022
Median age of persons 32
Median housing loan repayment ($/monthly) 2000
Average household size 2.2
  • Census Count Percent(%)
    5-14 years 815 10.8
    20-24 years 717 9.5
    25-34 years 1764 23.4
    35-44 years 1191 15.8
    45-54 years 776 10.3
    Others 2265 30.1
    Age Group
    Census Count Percent(%)
    Not Married 3083 56.9
    Registered Married 1659 30.6
    Defacto Relationship 676 12.5
    Social Marital Status
  • Census Count Percent(%)
    Australia 3987 58.3
    Croatia 195 2.9
    United Kingdom 176 2.6
    Viet Nam 435 6.4
    Other 1029 15.0
    Others 1018 14.9
    Country of Birth
    Census Count Percent(%)
    Buddhism 547 8.2
    Christianity 2858 42.9
    Hinduism 157 2.4
    Islam 988 14.8
    No Religion 2043 30.7
    Others 66 1.0
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 301 11.0
    $400-$599 248 9.1
    $600-$799 262 9.6
    $1,000-$1,249 230 8.4
    $1,500-$1,999 240 8.8
    Others 1448 53.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 2098 37.6
    Not in the labour force 1944 34.8
    Employed, worked part-time 1007 18.0
    Unemployed, looking for work 309 5.5
    Employed, away from work 229 4.1
    Person Characteristics
  • Census Count Percent(%)
    Managers 408 12.2
    Professionals 1232 37.0
    Technicians & trades workers 257 7.7
    Community & personal service workers 344 10.3
    Clerical & administrative workers 477 14.3
    Others 615 18.5
    Occupation
    Census Count Percent(%)
    Infants/Primary 459 24.7
    Secondary 326 17.5
    Technical or Further Educational Institution 201 10.8
    University or other Tertiary Institutions 609 32.7
    Other type of educational institution 172 9.2
    Others 95 5.1
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 3483 50.7
    Separate house 1968 28.7
    Semi-detached, row or terrace house, townhouse 1412 20.6
    House or flat attached to a shop, office 3 0.0
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 1876 63.7
    Being purchased 615 20.9
    Fully owned 444 15.1
    Other tenure type 9 0.3
    Tenure Type
Census 2011, ABS
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