Of all the suburbs in the state of Victoria, Port Melbourne defines beachside living the most. With the beach basically in your backyard, this laidback suburb attracts people of all ages, from all parts of the country and the world. After years and years of extensive urban renewal, the decade-long process has come to fruition as this once rugged neighborhood home to working class locals and cheap housing has become one of the best areas in the state, where the wealthiest are at home in expensive town houses. Buying a house in Port Melbourne is sure to give you a relaxed atmosphere away from the hassles of city work.
Port Melbourne Real Estate: By the Numbers
Real estate in Port Melbourne has a median house price of $1,496,000. In this lovely neighborhood you can find a decent 3-bedroom house for $1,700,000, and a spacious 4-bedroom home for $2,178,500. Rent would cost you $680 per week, and for $838 you can have a 3-bedroom unit for a week. If you want a bigger space, a 4-bedroom unit will cost a little above $1,000. Port Melbourne’s median house price has increased by 65.3% over the span of five years, equating to a 10.6% compound annual rate of growth. Rental yield is also at a high. Based on data over the last 12 months, including 140 property sales and 308 property rentals, the yield is at 2.4%.
The market is still red-hot for this luxurious neighborhood, as the area averages 1295 visits per property. This is well over the Victoria state average of 1014 property visits, marking a high demand for a real estate property in Port Melbourne. The area’s residents have also been categorized by recent statistics, with the top three being independent adults holding 25.4%, independent youth with 16.5%, and maturing couples and families with 11.7%.
(Data from Realestate.com.au)
Why Choose Port Melbourne
Port Melbourne has gone through many changes over the last decade, which is evident on the surface. The roads, although a little confusing, is a testament to various and different planning. The worker cottages here are mostly of the Victorian influence, smart apartments are converted from the numerous factories that was once housed in the area, and warehouses are transformed into beautiful cafes with stunning views of the waves. Its very own Beacon Cove has added the flavor of luxury in Port Melbourne, where gorgeous high-rise housing and low-rise medium density partnered with sporting facilities, restaurants and cafes, combine for the area’s character.
When you are not out in the sun enjoying the picture-perfect beach, you can go to Bay Street and experience its glamour first-hand, with the excellent restaurants, cafes, and pubs. There are also a handful of galleries for those who enjoy art.
All in all, Port Melbourne offers people a lifetime package of a first-class vacation. The community is living a quiet life beside the beach, and their day to day needs are being cared of by the local amenities and facilities. Every picture you take here is postcard-worthy, and every day you spend here is a trip no other place can give you.
Other Popular Suburbs in Victoria
Other Regions in Australia
Other locations in Australia are equally as desirable as Victoria. Choose a region below to find out the best locations in the area. If you need information on the real estate buying process for foreigners in Australia, check our Foreign Investor's Guide.
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