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Essendon West, VIC 3040

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If you’re looking to buy, rent, or invest in property, it’s important to do your research on the suburb first. This includes looking at house prices, real estate rental market data, and other advanced metrics. Here, we’ve compiled that information for Essendon West, VIC 3040 located in Melbourne to help you make an informed decision about your property choice in this suburb.





Market Snapshot

This page provides an overview of the area’s real estate market. The data in this snapshot illustrates typical price, median rent and gross yield metrics for this suburb. You are able to visualise these 3 key metrics as well as other important indicators in the dashboard section that follows.

Buy 

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Rent 

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Yield 

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Buy 

1BR

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Rent 

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Lower Risk RCS™

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Capital Growth RCS™

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Cashflow RCS™

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Essentials
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Yield chart
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GRC chart
Fundamentals
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IRSAD chart
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Renters to owners pie chart
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unit to houses pie charts
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Demand chart
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Inventory chart
Supply

Stock on Market

Inventory

Hold Period

Building Approvals

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SOM chart
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Inventory chart
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Inventory chart
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Hold chart
Demand

Days on Market

Vacancy Rate

Clearance Rate

Search Index

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DOM chart
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Inventory chart
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Index chart
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Auction chart

How was this calculated? Typical Price is a continuous metric calculated via a process called data fitting. Median Rent is weekly advertised rent based on rentals over the preceding 12 months. Gross Yield is Median Rent x 52 x 100 / Typical Price. To discover additional information, click the “i” icon in the top left corner of each graph or visit the Data Dictionary page.

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0 thoughts on “Essendon West, VIC 3040”

  1. The total adult population (15 years or older) of Essendon West 3040 VIC is 1,289, with a median age of 39. Of those, 47.87% are married, 10.47% are divorced or separated, 35.53% are single and 5.74% are widowed.

    The average household size is 2.7 people per dwelling, and the median household monthly income is estimated to be $11,700. The median monthly mortgage repayment for households in this suburb is $2,682 which is 22.92% of their earnings.

    Source: ABS Census Data (2021)

  2. Essendon West, postcode 3040, is a community-oriented suburb located in Victoria, boasting an estimated 731 households. As we roll into the third quarter of 2023, the local property market offers some interesting data for property investors and buyers alike.

    Typical prices for houses in Essendon West are standing at a substantial $1,146,518 with a median weekly rent of $546. This results in an indicative yield below the preferred market condition at 2.48%, which for yields-focused investors may display limited attraction. On the other hand, capital growth-oriented investors could find opportunities here given the other statistics.

    We highlight a fairly good IRSAD score of 1096 out 1217, suggesting the area benefits from a high socio-economic status wherein the residents generally have strong access to economic resources and hold skilled professions.

    In terms of the property makeup of the suburb, the renter to owner ratio is on the favourable side, resting at 26%. This mostly owner-occupied landscape holds benefits for investors as it suggests lower competition and long-term stability. Moreover, the units to houses ratio is quite promising, sitting at a low 12%, suggesting a predominance of houses over apartments, which typically attracts more family renters leading to potentially longer tenancies.

    However, it’s crucial to note the relatively high affordability index, which suggests it would take 38 years to fully own a property here. It suggests potential difficulty for numerous prospective buyers to enter the market due to the high property prices compared to the average income.

    Supply metrics are relatively balanced, with the stock on market Percentage for houses at a neutral 0.45%. The inventory level, indicating the average time a property spends on the market, stands at a favourable 1.5 months, pointing toward a relatively quick turnover of properties.

    The building approvals Ratio that signifies new dwellings being approved for construction is within reasonable limits at 1.57%, though investors should monitor this metric for any significant future increases that could affect supply.

    Yet, houses here experience 47 days on the market before selling, suggesting moderate demand. The combined vacancy rate for houses and units sits at a neutral 3.17%, suggesting that properties typically find occupants reasonably quickly on average.

    Lastly, the Buy Search Index, a measure of the relative online search popularity for buying property in Essendon West, shows high demand reaching a score 6, suggesting strong interest of potential buyers in the area.

    In conclusion, while some metrics might be less than ideal, Essendon West displays an interesting blend of characteristics that position it as an investment area of potential. Evaluating individual metrics in the context of each other and tracking local real estate market trends consistently helps in making advantageous property investment decisions.

    It’s important to note that the above analysis provides a snapshot of current value metrics but doesn’t consider metric trends, which can also significantly influence investment decisions. Moreover, some metrics have greater importance than others based on various factors, a nuance that must be understood for a holistic analysis.

    Join HtAG Analytics to visualise these metrics trends, and gain a deeper understanding of their importance. By becoming part of HtAG Analytics, you will be empowered to make informed decisions, discerning which metrics are more significant in the context of your property investment strategy.

    This content serves to inform and does not constitute investment advice. Property investment involves risks and uncertainties, and professional advice should be sought before making any investment decisions. By leveraging expert guidance, potential investors can ensure a comprehensive understanding of the complex property investment landscape.

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