Suburb Profile Report for West Melbourne VIC (3003)

West Melbourne House: Median price $940,500, Annual capital growth 4.00%, Number of sales 28, Weekly median advertised rent $632

West Melbourne Unit: Median price $570,000, Annual capital growth 2.69%, Number of sales 86, Weekly median advertised rent $488

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

Source: Monthly data update for Oct 2019 as supplied by CoreLogic. Data is reported to the period ending Jul 2019. Please note that property sales data is routinely updated, so may change retrospectively.

  • House Report
  • Unit Report

West Melbourne is in the bottom 10% in VIC when comparing median price capital growth over the last year. West Melbourne gave property investors a dismal capital gain figure when compared to the rest of the state, with -35.63%.

Taking the average capital gain, or increase in median house value, West Melbourne,3003 has racked up an average of -35.63% over the period. This ranks it number 734th in the whole country for real estate investors looking at median house price increases.

Situated 1.60km from the CBD, West Melbourne is one of Melbourne (C) localities in the postcode 3003.

With a capital gain of 0.09% for the last 12 months, West Melbourne, 3003 has performed for property investments than its average annual 2.69% property growth over the last 5 years.

West Melbourne,3003 was ranked 988 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 -5.67% . This means that West Melbourne is holding prices well when compared to other suburbs in VIC.

Often selling an investment property can take time, and in West Melbourne the average time real estate has been on the market is 71.8776 days.

With the median price for a house in West Melbourne being $570000 and the advertised rent reaching $487.5 the gross rental yield for property investors calculates out to be 4.45%

Metrics i HOUSE UNIT
$940,500 $570,000
-2.13% -1.75%
-35.63% 0.09%
4.00% 2.69%
$632 $488
28 86
3.49% 4.45%
47 71.8775510204082

Source: Monthly data update for Oct 2019 as supplied by CoreLogic. Data is reported to the period ending Jul 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Above average (H), Above average (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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