Suburb Profile Report for North Melbourne VIC (3051)

North Melbourne House: Median price $974,000, Annual capital growth 7.60%, Number of sales 71, Weekly median advertised rent $560

North Melbourne Unit: Median price $515,000, Annual capital growth 4.99%, Number of sales 247, Weekly median advertised rent $400

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

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

North Melbourne, 3051 ranked 86th in VIC when comparing growth in median property values or capital gain over the last 12 months. North Melbourne is one of 2098 in our list for VIC

Comparing North Melbourne,3051 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period

North Melbourne, 3051 is offering VIC ‘s 571th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 10% of discounts offered by this VIC.

At number 1222 in a list of fastest selling suburbs, North Melbourne is in the TOP 40% of suburbs in Australia with an average of days on market 65.13 for properties listed there.

With the median price for a house in North Melbourne being $974000 and the advertised rent reaching $560 the gross rental yield for property investors calculates out to be 2.99%

North Melbourne is in the bottom 40% in VIC when comparing median price capital growth over the last year. North Melbourne gave property investors a disappointing capital gain figure when compared to the rest of the state, with -0.39%.

North Melbourne,3051 was ranked 533 in Australia by increase in median property value over the quarter.

Property buyers and investors in North Melbourne 3051 should be seeing an average reduction in asking price of around -4.79% . This means that North Melbourne is holding prices well when compared to other suburbs in VIC.

On average over the past year, suburb has had 20.58 sales per month, which equates to 247 per year.

Property investors should expect to get $400 weekly from the median priced house in this suburb.

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
At number 2655th in the list of Australian suburbs ordered by increase in median house value over the last year, North Melbourne, 3051 is in the BOTTOM 40% with a property value increase of -2.10% recorded in median house prices.

North Melbourne,3051 has offered an average of -2.10% return per annum in house price rises to property investors over the last three years. Sellers are offering property buyers an average discount of -9.48% to buyers in North Melbourne at the moment, which is less than average for the rest of VIC.

At number 1992 in a list of fastest selling suburbs, North Melbourne is just in the bottom half of suburbs in Australia with an average of days on market 104.45 for properties listed there.

Using the current median advertised rental of $500 and the average annual increase in value of a median property of 7.01%, investors should hope to achieve an overall return of 3.71%Full summary
North Melbourne being an established high density structured suburb,  being approximately 2 kms north-west of the Melbourne Central Business District.  It offers an abundance of diversity. In present times  North Melbourne continues to undergo restoration which is noted for an abundance of Victorian architecture, commercial and older style industrial areas.  The suburb of North Melbourne is bounded by The CityLink Freeway to the west,  Victoria Street to the South.
 
At number 2655th in the list of Australian suburbs ordered by increase in median house value over the last year, North Melbourne, 3051 is in the BOTTOM 40% with a property value increase of -2.10% recorded in median house prices.
 
North Melbourne, 3051 has offered an average of -2.10% return per annum in house price rises to property investors over the last three years. Sellers are offering property buyers an average discount of -9.48% to buyers in North Melbourne at the moment, which is less than average for the rest of VIC.
 
At number 1992 in a list of fastest selling suburbs, North Melbourne is just in the bottom half of suburbs in Australia with an average of days on market 104.45 for properties listed there.
 
Using the current median advertised rental of $500 and the average annual increase in value of a median property of 7.01%, investors should hope to achieve an overall return of 3.71%
 
Selling points:  Predominant  housing types are old Victorian-style terrace dwellings warehouses, and some low-rise apartments.  In the 1990’s many of the older style factories and warehouses were converted into today’s fashionable loft – style apartments.
 
Most common properties:  Victorian style dwellings, As Is or renovated. 
 
Top amenities:   Mixture of Primary and Secondary Schools, Churches, local  library, recreational and sporting facilities with Melbourne University being within close proximity. 
 
Local industry and business:  Mixture of retail, cafe’s and commercial precinct, fast food stores and supermarkets, hospitals With the main shopping precinct, being Errol Street.  With the “Queen Victoria Market” being a well known tourist attraction. 
 
Recent changes:  Gentrification of North Melbourne, capitalising on the close proximity to the Central Business District, and easy access to  Universities. 
 
Best streets:  Errol Street,  Victoria Street, Abbotsford Street and Queensberry Street. 
 
Public transport: Infrastructure, West Melbourne Train Station, tram services and bus routes. 
 
Main arteries: CityLink 
 

 

Close
HOUSE UNIT
$974,000 $515,000
5.24% 1.58%
17.56% -0.39%
7.60% 4.99%
$560 $400
71 247
2.99% 4.04%
65.13 70.51

Source: CoreLogic

DSR Score for property investment : Good (H), Above average (U)
Find a mortgage broker in North Melbourne VIC
Demographics
Total population 11755
Median household income ($/weekly) 1229
Median age of persons 29
Median housing loan repayment ($/monthly) 2000
Average household size 2.1
  • Census Count Percent(%)
    20-24 years 1967 16.7
    25-34 years 3424 29.1
    35-44 years 1492 12.7
    45-54 years 1103 9.4
    55-64 years 852 7.2
    Others 2918 24.8
    Age Group
    Census Count Percent(%)
    Not Married 5171 60.6
    Registered Married 2101 24.6
    Defacto Relationship 1255 14.7
    Social Marital Status
  • Census Count Percent(%)
    Australia 5641 54.1
    Croatia 856 8.2
    Malta 386 3.7
    United Kingdom 364 3.5
    Other 1143 11.0
    Others 2037 19.5
    Country of Birth
    Census Count Percent(%)
    Buddhism 740 7.4
    Christianity 3530 35.5
    Hinduism 169 1.7
    Islam 1019 10.2
    No Religion 4374 43.9
    Others 123 1.2
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 326 7.9
    $1,000-$1,249 309 7.5
    $1,500-$1,999 439 10.6
    $2,000-$2,499 355 8.6
    $2,500-$2,999 402 9.7
    Others 2314 55.8
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 3857 41.3
    Not in the labour force 2903 31.1
    Employed, worked part-time 1689 18.1
    Unemployed, looking for work 582 6.2
    Employed, away from work 300 3.2
    Person Characteristics
  • Census Count Percent(%)
    Managers 709 12.1
    Professionals 2459 42.0
    Community & personal service workers 572 9.8
    Clerical & administrative workers 738 12.6
    Sales 468 8.0
    Others 907 15.5
    Occupation
    Census Count Percent(%)
    Infants/Primary 429 12.2
    Secondary 423 12.1
    Technical or Further Educational Institution 336 9.6
    University or other Tertiary Institutions 2057 58.7
    Other type of educational institution 177 5.0
    Others 83 2.4
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 5245 52.8
    Semi-detached, row or terrace house, townhouse 4135 41.7
    Separate house 470 4.7
    House or flat attached to a shop, office 76 0.8
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 3056 67.1
    Being purchased 807 17.7
    Fully owned 666 14.6
    Other tenure type 28 0.6
    Tenure Type
Census 2011, ABS
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