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Lilydale suburb profile

Lilydale is a picturesque suburb located at the gateway to the Yarra Valley, approximately 35km northeast of Melbourne's CBD. Known for its scenic beauty and relaxed lifestyle, Lilydale offers a blend of suburban convenience and rural charm. The area is characterized by its rolling hills, vineyards, and proximity to the Dandenong Ranges, making it a popular destination for nature enthusiasts and wine lovers. Lilydale boasts a strong community spirit, with a range of local amenities, schools, and recreational facilities. Its well-connected transport links, including a train station, provide easy access to Melbourne, enhancing its appeal as a desirable place to live.

Lilydale property market performance

Lilydale's property market has remained stable over the past 12 months, with no change in median house and unit values. The median house price has held steady at $900,000, while units have maintained a median price of $582,500. This stability reflects a balanced demand for both property types in the area.

Sales activity has been moderate, with 37 houses and 12 units sold over the last 12 months. Properties are moving quickly, with both houses and units having a median time on market of just 22 days, indicating strong buyer interest and swift transactions.

The rental market in Lilydale has seen significant growth, particularly for houses, with average rents increasing by 17.1% over the last 12 months. Units have also experienced a notable rise in rent, up by 8.3%, suggesting a robust demand for rental properties in the suburb.

Median price - houses$900KPast 3 months

Median price - units$583KPast 3 months

Change in value - houses-5.9%12 months

Change in value - units-0.4%12 months

Houses sold37Past 3 months

Units sold12Past 3 months

Median DOM - houses21.5Past 12 months

Median DOM - units21.5Past 12 months

Average rent - houses$615Past 12 months

Average rent - units$520Past 12 months

Change in rent - houses17.1%Past 12 months

Change in rent - units8.3%Past 12 months

Lilydale demographics

Lilydale, located in the outer eastern suburbs of Melbourne, is a charming area known for its blend of suburban comfort and access to natural beauty. With a population of 17,348, Lilydale offers a family-friendly environment, as evidenced by the 45% of couple families with children. The median age of 40 suggests a mature community, with many residents likely enjoying the balance of work and family life that the suburb provides.

The housing market in Lilydale is characterized by a high rate of home ownership, with 34.3% of properties owned outright and 46.1% owned with a mortgage. This indicates a stable community with a significant number of long-term residents. The relatively low rental rate of 19.6% suggests that Lilydale is less transient than some inner-city suburbs, appealing to those looking for a more permanent place to settle down.

Lilydale's median total household income of $1,764 per week reflects a comfortable standard of living, supporting a lifestyle that balances suburban tranquility with the convenience of nearby amenities. The suburb's proximity to the Yarra Valley and Dandenong Ranges offers residents easy access to outdoor activities and scenic landscapes, making it an attractive location for those who appreciate nature and a relaxed pace of life.

Lilydale infrastructure, key developments and investment opportunities

Lilydale is experiencing significant developments that could impact its property market. The recent completion of the level crossing removal project at Maroondah Highway has improved traffic flow and pedestrian safety, potentially increasing property values in the surrounding area. The rebuilt Lilydale station, featuring a new bus interchange, has enhanced public transport accessibility, making the suburb more attractive to commuters.

The ongoing expansion of the Lilydale Marketplace shopping center is set to bring new retail and dining options, potentially boosting local property demand. Additionally, the nearby Yarra Valley Business Park development aims to create more local job opportunities, which could drive housing demand in Lilydale. These improvements, combined with Lilydale's proximity to the Yarra Valley and Dandenong Ranges, continue to enhance the suburb's appeal for both residents and investors.

Lilydale rental market trends

The rental market in Lilydale has experienced significant growth, with house rents increasing by 17.1% over the past year to $615 per week, while unit rents have risen 8.3% to $520 per week. This upward trend reflects strong demand and the suburb's appeal, making Lilydale an attractive option for both renters and investors seeking promising returns in a vibrant community.

Suburbs near Lilydale

Some popular suburbs near Lilydale include:

Common questions about Lilydale

  • Is Lilydale a nice place to live?

    Lilydale is a delightful suburb that offers a harmonious blend of suburban living and natural beauty, making it a wonderful place to call home. Nestled at the gateway to the Yarra Valley, it provides residents with a serene environment characterized by rolling hills and lush vineyards. The suburb's relaxed lifestyle is complemented by a strong sense of community, making it particularly appealing to families. With a variety of local amenities, schools, and recreational facilities, Lilydale ensures that families have everything they need within reach.

    The suburb is known for its peaceful vibe, yet it doesn't compromise on convenience. The presence of a train station and well-connected transport links make commuting to Melbourne straightforward, which is a significant advantage for those working in the city. Safety is generally not a major concern in Lilydale, contributing to its reputation as a family-friendly area. While it may not offer the bustling nightlife of inner-city suburbs, Lilydale more than compensates with its access to outdoor activities and scenic landscapes, perfect for weekend adventures or leisurely strolls.

    However, living in Lilydale does come with some trade-offs. The suburb's distance from Melbourne's CBD means that those seeking a vibrant urban lifestyle might find it a bit too quiet. Additionally, while the ongoing developments in the area are promising, they may bring some temporary disruptions. Despite these minor drawbacks, Lilydale remains an attractive option for those who value a tranquil lifestyle with the added benefit of being close to nature. Families, in particular, will appreciate the suburb's community spirit and the opportunities it offers for a balanced and fulfilling life.

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  • Is it expensive to live in Lilydale?

    Lilydale, located in the outer eastern suburbs of Melbourne, offers a blend of suburban charm and accessibility to nature, making it an appealing place to live. When it comes to affordability, Lilydale presents a mixed picture. The median house price is around $873,000, which is relatively moderate compared to Melbourne's inner suburbs but still a significant investment. Units are somewhat more affordable, with a median price of $626,075. Renting in Lilydale is fairly reasonable, with houses averaging $600 per week and units around $500 per week.

    Comparing these figures to the average annual salary in Lilydale, which is approximately $91,000, and the median total household income weekly of $1,764, the cost of living in terms of housing can be seen as manageable for many residents. However, it's important to note that housing expenses will still take up a substantial portion of the average income. This balance suggests that while Lilydale is not the cheapest suburb to live in, it offers a reasonable cost of living, particularly for those who value the lifestyle benefits of being close to nature and having a bit more space than inner-city living allows.

    Disclaimer: To assess whether a suburb is considered expensive, we’ve looked at mortgage and rental costs as a proportion of the average local salary. That said, everyone’s financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.
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  • Is Lilydale a good place to invest?

    Lilydale presents an interesting investment opportunity, especially for those looking at rental income potential. While the median house value has remained stable over the past year, the rental market tells a different story. House rents have surged by 15.4%, indicating strong demand from tenants, which could translate into a reliable income stream for property investors. This trend suggests that while capital growth for houses has been flat, the rental yield is becoming increasingly attractive.

    On the other hand, units in Lilydale have experienced a 5.1% increase in median value over the last 12 months. This growth, coupled with a 7.5% rise in unit rents, highlights a robust demand for more affordable housing options. The combination of rising unit values and rental demand makes units a particularly appealing choice for investors seeking both capital appreciation and rental returns.

    Overall, Lilydale offers a balanced investment landscape. While house prices have not increased, the strong rental market provides a compelling case for investment, particularly for those prioritizing rental income. Units, with their recent value growth and rental demand, offer a promising avenue for investors looking to capitalize on both market trends. Lilydale's steady rental market and unit value growth make it a suburb worth considering for property investment.

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