North Melbourne, Vic

 

Market Overview

 

North Melbourne is 2 km north-west of Melbourne's Central Business District (CBD) and includes a diverse range of established and new dwellings. Its local government area is the City of Melbourne.

North Melbourne continues to see increased development due to its proximity to the CBD and diverse range of recreation, social, employment and other opportunities.

 

 

People

The suburb’s population is varied including working professionals, university students and families who are attracted to this prime inner city location.

 

Lifestyle

Cafes, restaurants, markets, village precincts and grocers are some of the amenities North Melbourne offers. Excellent tram and train networks help to make living in North Melbourne an attractive option for many.

 

Homes

Includes a diverse mix of heritage and newer housing, including new apartment developments, reflecting North Melbourne’s history and multicultural flavour.

Demand & Demographics

 

Population

The nature and size of the local population, both now and in the future, is a key driver of property demand. Better understanding the local population can assist property buyers to make better decisions.

People



  • Total Population

    11,755

  • Female

    5,831

  • Male

    5,924

  • Median Age

    29

Family Composition



  • Families

    2,289

  • Children per family

    1.6

Occupation



  • Total Employed

    5,543

  • Top Occupation

    Professionals

  • Top Occupation % Share

    42%

Income $/week



  • Personal

    $613

  • Family

    $1,735

  • Household

    $1,229

 

Family composition



  • Couple without Children

    1,090

  • Couple with Children

    650

  • One Parent Family

    394

Age



  • Top age group

    25-29

  • Top age number

    2,066

  • Top age group % share

    17.6%

Industry of employment



  • Top Industry

    Cafes, restaurants and takeaway food services

  • Total Workers (in top industry)

    372

  • Share of Employment

    6.4%

Supply & Dwellings

 

Building approvals - New Houses



  • Total Number

    4

  • Value ('000)

    $2,169

  • % Share

    1%

* These statistics are financial year to date

Building approvals - Other



  • Total Number

    309

  • Value ('000)

    $71,547

  • % Share

    95%

* These statistics are financial year to date

Dwelling Type (number)



  • Detached houses

    199

  • Semi-detached houses

    1,723

  • Flats, units or apartments

    2,721

Dwelling tenure (number)



  • Owned outright

    667

  • Owned with a mortgage

    807

  • Rented

    3,055

Sales Market

 

Property Market Indicator


  • Average days on market

    48

 

Prices


More about this Suburb ?

  • 8.15%

    Median Price Annual Change (10 years)

  • 21.80%

    Price Change (1 Year)

  • $568

    Median Rent per week

  • 2.47%

    Gross Rental Yield

  • 4.83%

    Median Price Annual Change (10 years)

  • -2.67 %

    Price Change (1 Year)

  • $424

    Median Rent per week

  • 4.20%

    Gross Rental Yield

 

Rental Market

 

North Melbourne, Vic Rent

$568 PW

Rental Growth and Yield

Gross Rental Yield
2.47%
Change in Rental Rate (1 Year)
1.34%
Gross Rental Yield
4.20 %
Change in Rental Rate (1 Year)
4.67 %
Data Disclaimers

Infrastructure, Jobs & Planning

 

Location & Convenience


Distance to

 

Arden-Macaulay Structure Plan 2012

The Arden-Macaulay Structure Plan provides a 30 year vision to guide urban renewal that will accommodate significantly more residents and employment growth.

 

City North Structure Plan 2012

The CIty of Melbourne has identified City North as an urban renewal area that will accommodate significantly more residents and employment growth over the next 30 years. The City North Structure Plan provides a 30 year vision to guide the renewal of the area and fulfill the precinct's potential as an extension of the central city.

 

 

Roads & Public transport

 

 

Bus

401 - North Melbourne Station - University of Melbourne via Royal Melbourne Hospital
402 - Footscray - East Melbourne via North Melbourne
403 - Footscray Station - University of Melbourne via Royal Melbourne Hospital

 

Tram

55 - West Coburg - Domain Interchange
57 - West Maribyrnong - Flinders Street Station, City
59 - Airport West - Flinders Street Station, City

 

Train

Flemington Bridge
Arden Railway Station (proposed)

 

Roads

Flemington Road

Victorian data sourced from Public Transport Victoria (PTV) and VicRoads
Queensland data sourced from Queensland Government and TransLink

 

Employment Centres

 

North Melbourne offers access to a range of local and regional employment opportunities due to the suburb's proximity to the Melbourne CBD and major industries (including health and education) and good transport links. The Royal Children's Hospital and Royal Melbourne Hospital are in close proximity.

Plan Melbourne, the metropolitan planning strategy, establishes five new sub-regions to achieve a better balance between jobs and population growth across the city. North Melbourne is located in Melbourne's central sub-region.

Places of state significance in the central sub-region with significant implications for employment include:

National employment cluster – Parkville
Metropolitan activity centre – Footscray
State-significant industrial precinct – Western
Transport gateway – Port of Melbourne Health and/or education precincts – Alfred Medical Research and Education Precinct (Prahran), Western Hospital (Footscray), Victoria University (Footscray), various health and education institutions in Parkville, St Vincent’s Hospital Melbourne and other health institutions (Fitzroy/East Melbourne), Epworth Richmond.

Source: Australian Bureau of Statistics (ABS) 2011.