Suburb Profile Report for Preston VIC (3072)

Preston House: Median price $961,000, Annual capital growth 6.40%, Number of sales 247, Weekly median advertised rent $500

Preston Unit: Median price $483,500, Annual capital growth 2.03%, Number of sales 211, Weekly median advertised rent $420

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

Source: Monthly data update for May 2020 as supplied by CoreLogic. Data is reported to the period ending Feb 2020. Please note that property sales data is routinely updated, so may change retrospectively.

  • Expert Report
  • House Report
  • Unit Report

With a capital gain of 1.16% for the last 12 months, Preston, 3072 has performed for property investments than its average annual 6.40% property growth over the last 5 years.

Over the longer term, Preston has seen property prices show investors a 7.98% return over the last 3 years. This is worse than over the last 12 months

Property buyers and investors in Preston 3072 should be seeing an average reduction in asking price of around -4.97% . This means that Preston is holding prices well when compared to other suburbs in VIC.

Property investors who have had real estate in Preston, 3072 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 7.44%

Across a shorter period, Preston, 3072 has seen a median price increase of 0.52% over the last quarter.

Sellers are offering property buyers an average discount of -4.96% to buyers in Preston at the moment, which is less than average for the rest of VIC.

A $420 per week rent on the median house gives suburb investors a gross yield of circa 4.52%, without taking into account capital value appreciation, which has been averaging out at 2.03%.

Information supplied by:




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Preston, VIC – Streak continues

Postcode: 3072

Median unit price: $463,750

Three-year growth: 1.9%

Rental yield: 4.6%

Located just 9km north of the Melbourne CBD, the suburb of Preston is bordered by Darebin Creek, and is an artists’ cove. This artists haven is quickly catching the eye of property investors.

Writers, musicians and artists work together and perform contemporary, experimental pieces in the area. The community is composed of a culturally diverse crowd, including the Melbourne Ukulele Kollective, Performing Older Women’s Circus and the Darebin City Brass. Artists also get to show off their talents via festivals like the Darebin Music Feast.

It’s not all about entertainment only, as the suburb also contains many schools, including Preston Primary, a Parade College campus, and a campus of the Melbourne Polytechnic.

The unit market continued its streak of positive growth with a 2.4% boost in prices over April 2018-2019.

Metrics i HOUSE UNIT
$961,000 $483,500
4.23% 0.52%
1.16% 7.44%
6.40% 2.03%
$500 $420
247 211
2.71% 4.52%
60.3779527559055 63.8507462686567

Source: Monthly data update for May 2020 as supplied by CoreLogic. Data is reported to the period ending Feb 2020. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Good (H), Above average (U)
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Demographics
Total population 29925
Median household income ($/weekly) 1155
Median age of persons 36
Median housing loan repayment ($/monthly) 1863
Average household size 2.5
  • Census Count Percent(%)
    5-14 years 2991 10.0
    25-34 years 5526 18.5
    35-44 years 5235 17.5
    45-54 years 3842 12.8
    55-64 years 2629 8.8
    Others 9701 32.4
    Age Group
    Census Count Percent(%)
    Not Married 10669 47.8
    Registered Married 9330 41.8
    Defacto Relationship 2329 10.4
    Social Marital Status
  • Census Count Percent(%)
    Australia 17361 62.8
    Croatia 1178 4.3
    Hong Kong 1074 3.9
    Japan 1324 4.8
    Other 1543 5.6
    Others 5150 18.6
    Country of Birth
    Census Count Percent(%)
    Buddhism 1207 4.6
    Christianity 15185 57.3
    Hinduism 749 2.8
    Islam 1602 6.0
    No Religion 7364 27.8
    Others 399 1.5
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 1063 10.8
    $600-$799 868 8.8
    $1,000-$1,249 928 9.4
    $1,500-$1,999 1221 12.4
    $2,000-$2,499 907 9.2
    Others 4850 49.3
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 8428 36.9
    Not in the labour force 8271 36.2
    Employed, worked part-time 4260 18.7
    Unemployed, looking for work 991 4.3
    Employed, away from work 890 3.9
    Person Characteristics
  • Census Count Percent(%)
    Managers 1467 10.8
    Professionals 3628 26.7
    Technicians & trades workers 1739 12.8
    Community & personal service workers 1353 10.0
    Clerical & administrative workers 1967 14.5
    Others 3425 25.2
    Occupation
    Census Count Percent(%)
    Pre-school 516 7.5
    Infants/Primary 1870 27.2
    Secondary 1358 19.7
    Technical or Further Educational Institution 769 11.2
    University or other Tertiary Institutions 2006 29.2
    Others 360 5.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 20464 74.5
    Flat, unit or apartment 3725 13.6
    Semi-detached, row or terrace house, townhouse 3091 11.2
    House or flat attached to a shop, office 193 0.7
    Caravan, cabin, houseboat 5 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 3940 37.1
    Fully owned 3513 33.1
    Being purchased 3100 29.2
    Other tenure type 56 0.5
    Tenure Type
Census 2011, ABS
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