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

Lilydale sits at the edge of the Yarra Ranges as a regional service town and gateway to the Yarra Valley. Life centres on Lilydale Lake and a compact town centre clustered around the railway station and main shopping strip, where cafés, independent shops and essential services are concentrated. The suburb mixes older weatherboard cottages and brick postwar houses with newer residential estates, and green reserves, river corridors and walking and cycling trails give it an outdoorsy feel. The Lilydale line and Maroondah Highway provide direct links to the city and the surrounding hills, which helps explain why it is popular with families and commuters.

Home to 17,348 people with a median age of 40, Lilydale is weighted towards families and most homes are owner-occupied (80.4%). The council has an adopted structure plan for the town centre and a draft master plan for Lilydale Lake to guide park and recreation upgrades. Detailed designs are in place for a new station and transport precinct, recent transport works have improved local crossings and traffic, and the redeveloped Yarra Ranges Civic Centre sits beside the lake. Whether that mix suits you depends on what you want from a suburb.

On the figures for Lilydale, buying sits well above what a typical local household earned at the last Census. The median house price of $850,000 is about 9.3 times a typical local annual household income at the last Census, while the median unit price of $660,000 is about 7.2 times that annual income — both are in the range that sits well above local incomes.

Renting is less stretched but still significant against the Census income: a house rent of $620 a week would take about 35.2% of a typical local household's weekly income at the last Census, a sizeable share, and unit rent of $520 a week would take about 29.5%, a moderate share. If you're renting rather than buying, those rent shares are the figures that matter when comparing costs against local incomes.

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 12 months in Lilydale, house rents rose a solid 5.4%, outpacing house values which grew a modest 3.7%. Unit values increased modestly by 4.3% while unit rents rose 4.0%, so unit price growth slightly exceeded unit rent growth. Put another way, unit values climbed a little faster than house values, but houses showed the stronger rental growth. If rental income is your priority, the house rent figure is the most relevant; if capital growth matters more, unit values edged ahead this year. Whether that balance suits your plans 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.