Question 1

Is Fairfield a nice place to live?

Accepted Answer

Fairfield sits on the southern bank of the Yarra River and is defined by riverside parkland and leafy streets. Its small village strip on Station Street beside Fairfield railway station has cafes and specialty shops and a local, walkable feel. Housing ranges from intact Victorian and Edwardian cottages and Californian bungalows to pockets of modern townhouses and apartment conversions, and Yarra Bend Park and the river provide walking and cycling routes, picnic spots and informal boating.

About 6,535 people live in Fairfield, with a median age of 37 and a median household income of $1,967 a week. The suburb is weighted towards couple families and owner-occupiers make up roughly three in five homes while renters fill the rest. Recent and planned local works include an expansion of Thomas Embling Hospital, school upgrades at Fairfield Primary, and council proposals for park, trail and pedestrian improvements. Whether that mix suits you depends on what you want from a suburb.

Question 2

Is it expensive to live in Fairfield?

Accepted Answer

Buying in Fairfield sits well above what a typical local household earned at the last Census. A median house price of $1,700,000 is about 16.6 times a local year's household income at the last Census, while the median unit price of $555,000 is about 5.4 times that annual income, which is somewhat above local incomes.

On the rental side, a house rent of $800 a week would take roughly 40.7% of a typical local household's weekly income at the last Census, a large share, whereas a unit at $450 a week would take about 22.9%, a moderate share. Which of these matters most depends on whether you plan to rent or buy and on your own circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Question 3

Is Fairfield a good place to invest?

Accepted Answer

The clearest movement over the past year is on the unit side: unit values in Fairfield fell a sharp 17.2%. House values moved much less, with a slight decline of 1.6% over the same period. On the rental side, unit rents rose a modest 4.7% while house rents edged up marginally by 0.3%.

Put another way, units have seen stronger rent growth this year but also much larger capital losses than houses. If rental income is your primary focus, the unit rent change is the figure that will matter; if capital value is your priority, the value changes are the relevant numbers. Whether those movements make Fairfield suitable for your plans depends on your own goals and circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

	Houses	Units
Median price Past 3 months	$1.70M	$555K
Change in value Past 12 months	-1.6%	-17.2%
Sold Past 3 months	16	21
Median days on market Past 12 months	54	24
Average rent Past 12 months	$800	$450
Change in rent Past 12 months	0.3%	4.7%

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