Question 1

Is Parkville a nice place to live?

Accepted Answer

Parkville sits in Melbourne’s inner north, anchored by the expanse of Royal Park and the University of Melbourne and centred on a major medical and research precinct with hospitals and institutes. The suburb feels leafy and institutional at once: tree-lined avenues, period terraces and quiet residential lanes sit beside low-rise apartments and student housing, attracting students, academics, medical professionals and families who use the parkland year-round.

Public transport is straightforward, with frequent trams along Royal Parade and Flemington Road, bike paths through Royal Park and a new underground rail stop that links directly into the biomedical precinct and the hospital cluster around Grattan Street. The community is about 7,074 people, with a median age of 26 and a median household income of $1,885 a week (about $98,020 a year). Housing is predominantly rented, with roughly two in three households renting and about one in three owner-occupied. There is an active precinct redevelopment program to expand and renew the major hospitals, and a new hospital is planned adjacent to the existing cluster.

Question 2

Is it expensive to live in Parkville?

Accepted Answer

Housing costs in Parkville sit differently for buyers and renters against local incomes at the last Census. A median house at $1,709,333 is about 17.4 times a typical local household's annual income at the last Census (weekly household income $1,885 ? annual $98,020), which sits well above local incomes; a median unit at $450,000 is about 4.6 times that annual income, which is somewhat above local incomes. On the rental side, a house rent of $950 a week would take about 50.4% of a typical local household's weekly income at the last Census, a large share, while a unit rent of $575 a week would take about 30.5%, a sizeable share. 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 Parkville a good place to invest?

Accepted Answer

Over the past 12 months in Parkville, house values fell 2.5% while unit values fell a larger 7.1%. Unit rents rose 4.5% over the year. That means the unit market showed falling capital value alongside rising rental income, and house value also eased more modestly; which of those facts matters to you will depend on whether you prioritise capital growth or rental income.

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	$1.71M	$450K
Change in value Past 12 months	-2.5%	-7.1%
Sold Past 3 months	12	20
Median days on market Past 12 months	51	43
Average rent Past 12 months	$950	$575
Change in rent Past 12 months	N/A	4.5%

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