Essendon suburb profile
Essendon is a well-established suburb located approximately 10km northwest of Melbourne's CBD, known for its rich history and vibrant community. The area is characterized by its blend of heritage homes, modern apartments, and tree-lined streets, offering a picturesque setting for residents. Essendon is home to a variety of amenities, including quality schools, parks, and shopping precincts, making it a popular choice for families and professionals. The suburb boasts excellent public transport options, with train and tram services providing easy access to the city. Its strong sporting culture, highlighted by the Essendon Football Club, adds to the suburb's dynamic appeal.
Essendon property market performance
Essendon's property market has shown varied performance over the past 12 months. House values have seen a modest increase of 0.9%, with the median house price now at $1.7 million. In contrast, unit values have experienced a significant rise of 9%, bringing the median unit price to $605,000, indicating a strong demand for units in the area.
Sales activity has been robust, with 45 houses and 60 units sold over the last three months. Units are selling faster than houses, with a median of 49 days on the market compared to 74 days for houses, suggesting a quicker turnover in the unit market.
The rental market in Essendon has seen a divergence, with house rents remaining stable over the last 12 months, while unit rents have increased by 8.7%, reflecting a growing demand for rental units.
Median price - houses$1.70MPast 3 months
Median price - units$605KPast 3 months
Change in value - houses0.9%12 months
Change in value - units9.0%12 months
Houses sold45Past 3 months
Units sold60Past 3 months
Median DOM - houses73.5Past 12 months
Median DOM - units49Past 12 months
Average rent - houses$645Past 12 months
Average rent - units$500Past 12 months
Change in rent - houses-0.8%Past 12 months
Change in rent - units8.7%Past 12 months
Essendon demographics
Essendon, located in Melbourne's north-west, is a suburb that beautifully balances urban convenience with a family-friendly atmosphere. Known for its leafy streets and strong community vibe, Essendon attracts a diverse range of residents, from young families to professionals and retirees. The median age of 39 suggests a mature community, with many residents enjoying the suburb's blend of modern amenities and traditional charm.
The suburb's housing landscape is varied, with a significant portion of properties owned outright (33.2%) or with a mortgage (30.4%), indicating a stable and established community. However, with 36.5% of properties being rented, there is also a substantial rental market, appealing to those seeking flexibility, such as young professionals and students. The suburb's proximity to Melbourne's CBD, coupled with its excellent public transport links, makes it a convenient choice for commuters.
Family life is a cornerstone of Essendon, with nearly half of the families being couples with children (48.7%). This is complemented by a strong presence of couples without children (37.6%), reflecting the suburb's appeal to both growing families and those enjoying a quieter lifestyle. The local schools, parks, and community facilities further enhance its reputation as a family-friendly suburb. With a median household income of $2132 per week, Essendon offers a comfortable lifestyle, supported by a range of local shops, cafes, and recreational options.
Essendon infrastructure, key developments and investment opportunities
Essendon is experiencing significant developments that are likely to impact its property market. The Essendon Fields precinct continues to expand, with new commercial and retail spaces enhancing local job opportunities and amenities. This ongoing development is expected to increase the suburb's appeal to both residents and businesses, potentially driving up property values in the surrounding areas.
Infrastructure improvements are also underway, with upgrades to public transport including the modernization of Essendon station and enhancements to bus services. These improvements are set to boost connectivity and could make Essendon more attractive to commuters. Additionally, the ongoing revitalization of the Moonee Ponds Creek corridor is creating new green spaces and recreational areas, which may increase the desirability of properties in proximity to these natural amenities.
Essendon rental market trends
The rental market in Essendon has shown stability for houses, with rents remaining unchanged at $645 per week over the past year. In contrast, unit rents have experienced an increase of 8.7%, reaching $500 per week. This indicates a growing demand for units, making Essendon an attractive option for renters seeking affordability and convenience in a well-connected suburb.
Suburbs near Essendon
Some popular suburbs near Essendon include: