Get a property report and suburb profile for any property in Flemington

Flemington centres on the sweep of Flemington Racecourse and the lively Racecourse Road precinct, which brings strong event-day energy alongside village-style cafés, bakeries and shops used year round. Behind the main strip the suburb has tree-lined residential pockets with a mix of Victorian terraces, interwar flats, public housing blocks and newer apartment infill, and it is home to 7,025 people with a median age of 34. Residents include long-term families, renters and professionals who value inner-city access and nearby showgrounds and parkland.

Homes are predominantly rented, with 62.1% rented and 37.9% owner-occupied. A government-led public housing renewal program is under way across several sites, redevelopment proposals for parts of the racecourse have progressed, and tram and rail projects affecting the suburb are active. That combination suits people after strong transport links and an active event precinct alongside quieter residential streets; whether it fits you comes down to what you prioritise.

On the figures, Flemington's housing sits well above what local households earned at the last Census. The median house price of $1,066,250 is about 13.4 times a typical local household's annual income at the last Census (weekly household income $1,525, or $79,300 a year), while the median unit price of $530,000 is about 6.7 times that annual income. Renting looks relatively less stretched than buying: a house rent of about $680 a week would take roughly 44.6% of a typical local household's weekly income at the last Census, and a unit rent of about $520 a week would take roughly 34.1%.

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

Over the past year houses in Flemington rose in value by 7.3% while house rents increased 7.9%, so capital values and rents for houses moved up by a similar, solid amount. Units followed a different path: median unit values fell 9.4% as unit rents rose 7.2%.

If rental income is your priority, both house and unit rents climbed by around 7%, and that is the figure that matters for income. If capital growth is your focus, houses and units moved in opposite directions this year. Whether that balance suits you depends on your 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.