Question 1

Is Melbourne a nice place to live?

Accepted Answer

Melbourne is the compact, bustling heart of the city, sitting along the Yarra River with glass office towers, dense apartment living and pockets of heritage terraces. Its laneways and arcades are known for cafés, street art and intimate dining, while major cultural institutions, theatres and galleries sit alongside large retail precincts and the Queen Victoria Market. Riverfront promenades and parks add green space, and strong tram links plus central train stations make getting around straightforward. The population skews young, with a median age of 29, a median total household income of $1,448 a week, and a high share of renters (73.3%), with families largely made up of couples without children.

Several major public works and precinct renewals are under way in the CBD, including Metro Tunnel works, the Queen Victoria Market renewal, RMIT city-campus activation and ongoing upgrades around Melbourne & Olympic Parks, all of which touch transport, public space and cultural venues. That mix of inner-city amenity, frequent public transport and a mostly renting, younger community tends to suit students, young professionals and people who prioritise central living; whether it suits you depends on the lifestyle and housing arrangements you want.

Question 2

Is it expensive to live in Melbourne?

Accepted Answer

Rents in Melbourne 3000 take a large share of what local households earned at the last Census. A typical local household earned about $1,448 a week at the last Census, so the average house rent of $650 a week would take about 44.9% of that weekly income and the average unit rent of $690 a week would take about 47.6% of that weekly income, both a large share. For buyers, the median unit price of $435,000 is about 5.8 times a typical local annual household income at the last Census, which sits somewhat above local incomes. Whether that feels expensive depends on your own income and 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 Melbourne a good place to invest?

Accepted Answer

If you're weighing Melbourne as an investment, the past year shows a split between rents and unit prices. Unit values fell 17.0% over the year while unit rents rose 6.2%, a solid increase. House rents climbed 10.2%, a strong rise, and grew faster than unit rents, so the rent a house earns has been the stronger performer this year.

In short, units experienced a large fall in capital value alongside rising rental income, while house rental income has risen more quickly. What that pattern means for you depends on whether you value rental income or capital growth and 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	N/A	$435K
Change in value Past 12 months	N/A	-17.0%
Sold Past 3 months	4	418
Median days on market Past 12 months	N/A	44
Average rent Past 12 months	$650	$690
Change in rent Past 12 months	10.2%	6.2%

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