Question 1

Is Burwood a nice place to live?

Accepted Answer

Burwood is a charming and delightful suburb that offers a wonderful place to live for families, students, and professionals alike. Its peaceful residential streets are complemented by a vibrant community atmosphere, largely influenced by the presence of Deakin University. This educational hub brings a youthful and dynamic vibe to the area, making it a lively yet serene place to call home. The suburb is well-equipped with a variety of amenities, including parks, shopping centers, and cafes, which cater to the needs of its diverse residents.

Families will find Burwood particularly appealing due to its safe environment and the availability of quality schools and recreational spaces. The suburb's strong sense of community is evident in its family-friendly events and activities, which foster a welcoming atmosphere for new and long-term residents. While Burwood offers a balanced lifestyle with its suburban tranquility and urban conveniences, one trade-off is the lack of major new transport or hospital projects specific to the area. However, the existing tram and bus links provide solid connectivity to Melbourne's CBD and surrounding suburbs, ensuring easy access to broader amenities and employment opportunities.

For those who enjoy a mix of leisure and convenience, Burwood's proximity to shopping centers and green spaces makes it a delightful place to explore. While the suburb may not have the bustling nightlife of inner-city areas, it compensates with its strong community feel and the ongoing improvements to local shops and services. Overall, Burwood is a fantastic choice for those seeking a well-rounded lifestyle in a suburb that balances the best of both worlds.

Question 2

Is it expensive to live in Burwood?

Accepted Answer

Living in Burwood can be quite a financial commitment, especially when you consider the property market. The median house price in Burwood is around $1,307,500, while units are priced at a median of $715,000. These figures are substantial, especially when compared to the average wage in Burwood, which sits at approximately AUD 76,000. This average wage is slightly above the Victorian average but still requires careful budgeting for those aiming to purchase property in the area.

Renting in Burwood also reflects these high property values, with houses averaging $770 per week and units at $490 per week. When you compare this to the median total household income in Burwood, which is approximately $1,684 weekly, a significant portion of income would be directed towards housing costs. This can make living in Burwood relatively expensive, particularly for those on average incomes.

Overall, Burwood offers a desirable lifestyle with its proximity to Melbourne and access to amenities, but the cost of living, particularly in terms of housing, is on the higher side. If you are thinking of living in Burwood, it's important to carefully evaluate your financial situation to ensure it aligns with the costs associated with residing in this suburb.

Question 3

Is Burwood a good place to invest?

Accepted Answer

Burwood is an intriguing suburb for investment, particularly for those interested in rental properties. Over the past year, the median house value in Burwood has increased by 4.9%, indicating steady growth in property values. While the median unit value has remained stable, the rental market for units has seen a significant surge, with a 15.3% increase in rent over the last 12 months. This suggests a strong demand for rental units, making them an attractive option for investors seeking rental income.

The suburb's appeal is further enhanced by its strategic location and amenities, which attract a diverse range of tenants, including students and young professionals. The modest increase in house rents by 2.7% also points to a stable rental market for houses, although the standout performance in unit rentals could offer better returns for investors focusing on this segment. Overall, Burwood presents a balanced investment opportunity with potential for both capital growth and rental yield, particularly in the unit market.

	Houses	Units
Median price Past 3 months	$1.32M	$716K
Change in value Past 12 months	4.4%	15.0%
Sold Past 3 months	59	31
Median days on market Past 12 months	48	43
Average rent Past 12 months	$775	$490
Change in rent Past 12 months	3.3%	15.3%

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