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North Melbourne, VIC 3051

Home » VIC Real Estate Data » Melbourne City, VIC » North Melbourne, VIC 3051

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 North Melbourne, VIC 3051 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 

2BR

3BR

4BR

5BR

Rent 

2BR

3BR

4BR

5BR

Yield 

2BR

3BR

4BR

5BR

Buy 

1BR

2BR

3BR

Rent 

1BR

2BR

3BR

Yield 

1BR

2BR

3BR

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 “North Melbourne, VIC 3051”

  1. The total adult population (15 years or older) of North Melbourne 3051 VIC is 13,220, with a median age of 31. Of those, 25.14% are married, 10.02% are divorced or separated, 62.68% are single and 2.16% are widowed.

    The average household size is 2.0 people per dwelling, and the median household monthly income is estimated to be $9,912. The median monthly mortgage repayment for households in this suburb is $2,035 which is 20.53% of their earnings.

    Source: ABS Census Data (2021)

  2. North Melbourne 3051, located in Victoria, is a bustling suburb estimated to home approximately 10,916 households. As we delve into Q3 of 2023, the latest available property data paints a vibrant picture of the local real estate scene for those looking to invest in houses specifically.

    The typical price for a house in North Melbourne stands at a robust $1,428,329 – these properties command a median weekly rental of $715, signalling a promising indicative yield of 2.6%. While this yield does fall below the ideal benchmark of 3% for cashflow-focused investors, it’s essential to remember the importance of weighing all metrics in conjunction to gain holistic market insight.

    With an IRSAD score of 1054 out of 1217, the suburb boasts significantly favourable socio-economic conditions. However, potential investors should remain cognizant of the renter to owner ratio, which currently sits at just above average at 64%.

    The market shows a sizeable leaning towards units, with a unit to houses ratio of 70%. Understandably, this does raise concerns around rental competition, since property markets with a higher degree of units often create an oversupply situation, increasing pressure on landlords.

    When examining the affordability index, a critical consideration, North Melbourne scores 56 years – a figure that generally conveys a less accessible property market to first-time buyers or those with lower incomes.

    In terms of inventory, North Melbourne presents a favourable scenario for sellers with a stock on market percentage of a mere 0.12%, and an inventory level barely over half a month at 0.57. Together, these imply a faster inventory turnover and stronger demand for houses.

    Additionally, the building approvals ratio – noted at 0.04% – showcases a low influx of new properties. This lack of new stock combined with a quick turnover can stimulate price growth, making this a favourable condition for investment return.

    The average number of days houses in North Melbourne spend listed ‘for sale’ is just 16 days – a clear demonstration of high demand within the area. Pair this with the slightly below average vacancy rate of 0.98%, this points towards a well-balanced supply and demand environment.

    While the buy search index for houses stands at 4, slightly above the threshold for neutral demand, it’s seen in combination with other metrics that North Melbourne’s property market holds notable potential for property investors. This understanding of current property data, coupled with a diligent eye on future market trends, is paramount for thriving property investment in North Melbourne 3051.

    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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