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Patterson Lakes suburb profile

Patterson Lakes is a bayside canal suburb on the eastern shore of Port Phillip Bay, built around a network of man-made waterways off the Patterson River. Its character is defined by boating and waterfront living, with many houses backing onto canals and private jetties, plus a marina and foreshore reserve popular with anglers and paddle craft. Inland streets feature established family homes and more contemporary builds, and the suburb is planted with parks, playgrounds and shared paths for walking and cycling. Residents enjoy a relaxed coastal lifestyle while remaining within easy reach of shopping, schools and public transport into the city.

Patterson Lakes property market performance

Current median dwelling price$922,125Past 3 months

Property growth+8.1%Past 12 months

There are relatively few recent unit sales, so there isn't enough data to publish a reliable median unit price. The median house price is $1.24 million, up a solid 7.6% over the last 12 months.

Over the last 3 months, 21 houses and 7 units sold. Houses sold in a median of 34 days over the last 12 months, while units sold in a median of 46 days, so houses sold more quickly.

In Patterson Lakes, the rental market recorded average house rents of $780 a week, up a modest 2.6% over the last 12 months, and average unit rents of $573 a week, up a modest 4.2%, so rents moved at a similar pace.

HousesUnits
Median price
Past 3 months
$1.24MN/A
Change in value
Past 12 months
7.6%8.6%
Sold
Past 3 months
217
Median days on market
Past 12 months
3446
Average rent
Past 12 months
$780$573
Change in rent
Past 12 months
2.6%4.2%

5 year median price trend for houses and units

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Patterson Lakes demographics

The suburb has a population of 7,793 and a median age of 46. The median total household income is $1,932 a week, about $100,464 a year.

Families are the dominant household type. Couple families with children are the largest group at 44.6%, and together with couple families without children (39.3%) they make up about 84% of families. One-parent families account for 15.6% and other families 0.5%.

Homes in Patterson Lakes are overwhelmingly owner-occupied: 40.8% are owned outright and 43.3% are owned with a mortgage, a combined owner-occupied share of 84.1%, while 16.0% of dwellings are rented.

Suburbs near Patterson Lakes

Some popular suburbs near Patterson Lakes include:

  • Carrum: Coastal suburb fronting Carrum Beach with a long foreshore.
  • Bonbeach: Laid-back beachside neighbourhood centred on a broad sandy shore.
  • Chelsea Heights: Leafy suburb with tree-lined streets and nearby parkland.
  • Chelsea: Beachside hub with sandy beaches and a relaxed bayside atmosphere.
  • Carrum Downs: Spacious suburban area with bushland reserves and light industrial zones.

How does Patterson Lakes compare to nearby suburbs?

  • Median house prices: Patterson Lakes’s median house price is 5.7% higher than Carrum’s.
  • Median unit prices: Patterson Lakes’s median unit price is 5.0% higher than Carrum Downs’s.
  • House price growth: Over the past 12 months, house prices in Patterson Lakes have grown 1.2% higher than in Carrum.
  • Unit price growth: Over the past 12 months, unit prices in Patterson Lakes have grown 5.4% higher than in Bonbeach.
  • Selling speed for houses: Properties in Patterson Lakes are selling 22.7% faster than in Bonbeach.
  • Selling speed for units: Properties in nearby Carrum are selling 54.3% faster than in Patterson Lakes.
  • Investment considerations: In Patterson Lakes, the rental yield for house is 23.0% higher than the Melbourne average, while the rental yield for units is 2.9% lower.
  • House price growth: Over the past 12 months, house prices in Patterson Lakes have grown 24.9% higher than the average rate of growth across Melbourne.
  • Unit price growth:Over the past 12 months, unit prices in Patterson Lakes have grown 14.6% higher than the average rate of growth for units across Melbourne.

Choose the right real estate agents in Patterson Lakes

Choosing the right real estate agent in Patterson Lakes can have a big impact on your sale. While there are 59 real estate agents working in the suburb, but just 5 of them were responsible for 45.6% of all property sales over the past year, showing a strong footprint and track record in the area.

Commission rates typically range from 1.55% to 2.61%, depending on the agent and what’s included. Comparing both performance and fee structures can help you find someone who's well-suited to your needs, and set them up for a successful result.

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