Suburb Profile Report for Kensington VIC (3031)

Kensington House: Median price $851,000, Annual capital growth 7.60%, Number of sales 134, Weekly median advertised rent $500

Kensington Unit: Median price $455,000, Annual capital growth 4.34%, Number of sales 119, Weekly median advertised rent $395

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

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

At number 1192th in the list of Australian suburbs ordered by increase in median house value over the last year, Kensington, 3031 is in the top 30% with a property value increase of 9.66% recorded in median house prices.

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

Property buyers and investors in Kensington 3031 should be seeing an average reduction in asking price of around -1.86% . This means that Kensington is holding prices well when compared to other suburbs in VIC.

Kensington is 409th on a list of best yielding suburbs for rents in VIC with a 3.06% return

Kensington, 3031 ranked 171th in VIC when comparing growth in median property values or capital gain over the last 12 months. Kensington is one of 2098 in our list for VIC

While Kensington,3031 ranked number 283th in VIC for increase in median house value (annualised) increase, it is ranked 254th over the last 5 years.

Our latest figures would indicate that property sellers in Kensington are currently offering property investors an average price cut of -4.73% below the asking price at the moment.

Often selling an investment property can take time, and in Kensington the average time real estate has been on the market is 65.43 days.

With the median price for a house in Kensington being $455000 and the advertised rent reaching $395 the gross rental yield for property investors calculates out to be 4.51%

Lou Rendina Information supplied by:

Lou Rendina
Rendina Real Estate

M (03) 93816500
O 0418525415

W http://www.rendina.com.au/
E lrendina@rendina.com.au
Kensington’s just a few kilometres from the Melbourne CBD, and has been a strong performer historically. But WBP’s Sean Thomson points out that nowadays investors need to be quite selective with their property choices.Full summary

Kensington’s just a few kilometres from the Melbourne CBD, and has been a strong performer historically. But WBP’s Sean Thomson points out that nowadays investors need to be quite selective with their property choices.

“Kensington’s getting hard to buy into, and there are only a few streets that you’d consider. I would suggest buying a two- or maybe three-bedroom period style single-fronted Victorian or Edwardian home with a good floor plan as an investor,” he says. “Stay close to transport and main road access.”

He highlights the area around Macaulay Road as one to target for its excellent real estate and direct access to the city: “Off that area there are some nice well-positioned streets with beautiful period homes,” he explains. “I’d be looking for streets with consistent homes.”

Macaulay Road is also where a large proportion of Kensington’s excellent amenity options lie, including various shopping, eating and drinking establishments. Kensington’s train station is also just a short walk north of Macaulay.

The median price for houses in Kensington is over $650,000 according to RP Data, but for period properties prices head towards the $1m mark – so certainly not one for first time investors.

Its rental market now accounts for around 50% of residents, while the vacancy rate sits at around the 1% mark.

Selling Points: Kensington's housing is primarily medium density, with a mixture of semi detached row or terrace housing, apartments and public housing. Along with a number of well preserved Victorian and Edwardian residences.
 
Kensington offers a mixed range, from modern contemporary apartment styles to Period style dwellings.
 
Most common properties: Period style dwellings, As is or renovated.
 
Top amenities: Mixture of Primary Schools, Churches, recreational and sporting facilities. 
 
Local industry and business: Mixture of retail, cafe's and commercial precinct, fast food stores and supermarkets. 
 
Recent changes: National tenants relocating into retail strip, whilst retaining the Village characteristics.
 
Best streets: Bellair Street, Woolsley Parade, McCracken Street, McConnell Street & Ormond Street.
 
Public Transport: Infrastructure, there are three train stations which service Kensington and two bus routes.
 
Main arteries: CityLink
 
Close
HOUSE UNIT
$851,000 $455,000
1.31% -2.15%
9.66% 4.36%
7.60% 4.34%
$500 $395
134 119
3.06% 4.51%
48.57 65.43

Source: CoreLogic

DSR Score for property investment : Good (H), Good (U)
Find a mortgage broker in Kensington VIC
Demographics
Total population 9718
Median household income ($/weekly) 1720
Median age of persons 32
Median housing loan repayment ($/monthly) 2167
Average household size 2.2
  • Census Count Percent(%)
    20-24 years 957 9.8
    25-34 years 2861 29.4
    35-44 years 1779 18.3
    45-54 years 1012 10.4
    55-64 years 734 7.6
    Others 2375 24.4
    Age Group
    Census Count Percent(%)
    Not Married 3725 49.1
    Registered Married 2464 32.5
    Defacto Relationship 1394 18.4
    Social Marital Status
  • Census Count Percent(%)
    Australia 6050 66.2
    Croatia 360 3.9
    United Kingdom 379 4.1
    Viet Nam 334 3.7
    Other 559 6.1
    Others 1463 16.0
    Country of Birth
    Census Count Percent(%)
    Buddhism 491 5.6
    Christianity 4118 47.2
    Islam 292 3.3
    Other Religious Groups 84 1.0
    No Religion 3659 41.9
    Others 84 1.0
    Religious Affiliation
  • Census Count Percent(%)
    $1,250-$1,499 295 7.7
    $1,500-$1,999 489 12.8
    $2,000-$2,499 376 9.9
    $2,500-$2,999 510 13.4
    $3,000-$3,499 300 7.9
    Others 1846 48.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 4183 53.4
    Not in the labour force 1767 22.5
    Employed, worked part-time 1299 16.6
    Employed, away from work 308 3.9
    Unemployed, looking for work 281 3.6
    Person Characteristics
  • Census Count Percent(%)
    Managers 880 15.2
    Professionals 2376 41.0
    Technicians & trades workers 414 7.1
    Community & personal service workers 514 8.9
    Clerical & administrative workers 832 14.4
    Others 778 13.4
    Occupation
    Census Count Percent(%)
    Pre-school 122 5.8
    Infants/Primary 451 21.4
    Secondary 292 13.8
    Technical or Further Educational Institution 220 10.4
    University or other Tertiary Institutions 917 43.4
    Others 110 5.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Semi-detached, row or terrace house, townhouse 3977 43.8
    Separate house 2855 31.4
    Flat, unit or apartment 2242 24.7
    House or flat attached to a shop, office 8 0.1
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 2090 50.9
    Being purchased 1356 33.0
    Fully owned 644 15.7
    Other tenure type 16 0.4
    Tenure Type
Census 2011, ABS
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Recent sales & rentals