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Burnley suburb profile

Burnley is a vibrant inner-city suburb of Melbourne, located just 4km east of the CBD. Known for its lush green spaces, including the renowned Burnley Park and Burnley Gardens, it offers a serene escape amidst urban living. The suburb is well-connected by public transport, with Burnley Station providing easy access to the city and beyond. Burnley is characterized by a mix of charming period homes and modern apartments, attracting a diverse community of professionals, students, and families. Its proximity to the Yarra River and a variety of cafes and eateries enhances its appeal as a desirable residential area.

Burnley property market performance

Burnley's property market has shown stability over the past 12 months, with no change in median house and unit values. The median house and unit prices remain at $0, indicating a lack of recent sales data to establish current market values. Over the past year, only 4 houses and 2 units have been sold, reflecting limited sales activity in the area.

The market's inactivity is further highlighted by the absence of data on median days on market for both houses and units over the last three months, suggesting a stagnant market environment.

In contrast, the rental market in Burnley has experienced modest growth. Average rent for houses has increased by 1.4% to $900, while units have seen a 3.8% rise, reaching $493, indicating a steady demand for rental properties despite the static sales market.

HousesUnits
Median price
Past 3 months
N/AN/A
Change in value
Past 12 months
N/AN/A
Sold
Past 3 months
43
Median days on market
Past 12 months
N/AN/A
Average rent
Past 12 months
$900$498
Change in rent
Past 12 months
1.4%1.6%

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Burnley demographics

Burnley, a charming suburb located in Melbourne's inner east, offers a unique blend of urban convenience and suburban tranquility. With a population of just 794, it provides a close-knit community feel while being just a stone's throw away from the bustling city center. The median age of 32 suggests a youthful and vibrant demographic, likely attracted by the suburb's proximity to the CBD and its array of amenities.

The suburb's housing landscape is diverse, with nearly half of the properties being rented, indicating a significant demand for flexible living arrangements. This is complemented by a substantial proportion of homes owned outright (22.3%) and with a mortgage (29.3%), reflecting a stable residential base. The median total household income of $2423 per week is indicative of a relatively affluent community, likely comprising professionals and young families.

Family dynamics in Burnley are varied, with couple families without children making up 47.5% of the population, closely followed by couple families with children at 38.7%. This mix highlights the suburb's appeal to both young couples and growing families. The presence of one-parent families and other family types adds to the suburb's diversity, fostering an inclusive and supportive community environment. Burnley's blend of lifestyle, convenience, and community spirit makes it a desirable location for those seeking a balanced urban-suburban lifestyle.

Suburbs near Burnley

Some popular suburbs near Burnley include:

  • Richmond: Known for its bustling shopping strips and vibrant nightlife, Richmond is located directly north of Burnley.
  • Cremorne: A hub for creative industries and modern office spaces, Cremorne lies to the northwest of Burnley.
  • South Yarra: Famous for its upscale boutiques and dining options, South Yarra is situated to the southwest of Burnley.
  • Toorak: Known for its luxurious homes and leafy streets, Toorak is located to the south of Burnley.
  • Hawthorn: Featuring a mix of heritage and modern architecture with excellent educational institutions, Hawthorn is situated to the east of Burnley.

How does Burnley compare to nearby suburbs?

  • Unit price growth: Over the past 12 months, unit prices in Burnley have grown 56.9% higher than in Richmond.
  • Selling speed for units: Properties in Burnley are selling 23.1% faster than in Richmond.
  • Investment considerations: In Burnley, the rental yield for house is 42.9% higher than the Melbourne average, while the rental yield for units is 14.5% lower.
  • House price growth: Over the past 12 months, house prices in Burnley have grown 40.1% higher than the average rate of growth across Melbourne.
  • Unit price growth:Over the past 12 months, unit prices in Burnley have grown 12.8% lower than the average rate of growth for units across Melbourne.

Choose the right real estate agents in Burnley

There are 6 real estate agents in Burnley, but they don’t all deliver the same results.

Some agents have a much stronger presence in the suburb, with just 5 agents handling around 83.3% of all sales in the past year.

Commission rates in Burnley typically range from 1.71% to 2.57%. Comparing agents—including what they charge, what’s included, and how they structure their fees—is not only important when choosing an agent, the right structure can help ensure your chosen agent is motivated to achieve the best possible result.

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