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Port Melbourne suburb profile

Port Melbourne is a vibrant bayside suburb located just 5km southwest of Melbourne's CBD, known for its rich maritime history and modern urban lifestyle. The area boasts a stunning waterfront with sandy beaches, scenic walking trails, and the iconic Station Pier, which serves as a gateway for cruise ships. Port Melbourne offers a mix of historic cottages, contemporary apartments, and luxury developments, attracting a diverse community of professionals, families, and retirees. With its bustling Bay Street shopping precinct, trendy cafes, and excellent public transport links, Port Melbourne combines coastal charm with city convenience, making it a sought-after destination for residents and visitors alike.

Port Melbourne property market performance

Current median dwelling price$1,144,500Past 3 months

Property growth+0.7%Past 12 months

Port Melbourne's property market has shown stability and growth over the past 12 months. House values have increased by 5.6%, bringing the median house price to approximately $1.57 million. Meanwhile, unit values have remained steady, with the median unit price holding at $720,000, indicating a balanced demand for both property types.

Sales activity has been robust, with 62 houses and 83 units sold in the past 12 months. The median days on market are similar for both houses and units, at 41 and 42 days respectively, suggesting a consistent pace in buyer interest across the board.

The rental market in Port Melbourne has experienced moderate growth, with house rents increasing by 4.9% and unit rents by 5.8% over the last year. This reflects a healthy demand for rental properties in the area.

HousesUnits
Median price
Past 3 months
$1.57M$720K
Change in value
Past 12 months
5.6%-4.2%
Sold
Past 3 months
6283
Median days on market
Past 12 months
4142
Average rent
Past 12 months
$970$688
Change in rent
Past 12 months
4.9%5.8%

5 year median price trend for houses and units

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Port Melbourne demographics

Port Melbourne, a vibrant suburb located just a stone's throw from Melbourne's CBD, is renowned for its blend of urban living and seaside charm. With a population of 17,633, the area attracts a diverse mix of residents, from professionals to families, all drawn to its unique lifestyle offerings. The median age of 42 suggests a mature community, with many residents likely enjoying the balance of city convenience and coastal relaxation.

The suburb's housing landscape is varied, with a significant portion of properties being rented, accounting for 44.4% of the market. This rental trend is indicative of Port Melbourne's appeal to those seeking flexibility, including young professionals and transient workers. Meanwhile, 26.4% of homes are owned outright, and 29.2% are owned with a mortgage, reflecting a stable base of long-term residents and new homeowners investing in the area.

Family dynamics in Port Melbourne are diverse, with couple families without children making up 48.6% of the community, while couple families with children account for 35.4%. This mix highlights the suburb's appeal to both established families and those enjoying a more independent lifestyle. The area's proximity to the beach, parks, and the city, combined with a median household income of $2,372 per week, underscores its status as a desirable location for those seeking a high quality of life in Melbourne.

Port Melbourne infrastructure, key developments and investment opportunities

Port Melbourne is experiencing significant developments that could impact its property market. The $1 billion redevelopment of Station Pier, set to conclude by 2026, aims to revitalize the area with new retail, residential, and entertainment options, potentially boosting local property values. Additionally, several mixed-use projects in the Port Melbourne CBD, including a 20-storey tower on Bay Street, are set to modernize the area and increase housing supply.

The suburb is also benefiting from improved transport infrastructure, with upgrades to tram routes and the planned Port Melbourne Transport Hub enhancing connectivity. These developments, combined with Port Melbourne's desirable bayside location and proximity to the CBD, are likely to sustain strong demand for properties. The ongoing transformation from its industrial past to a modern, mixed-use precinct is positioning Port Melbourne as an increasingly attractive area for both residents and investors.

Port Melbourne rental market trends

The rental market in Port Melbourne has experienced moderate growth, with house rents increasing by 4.9% over the past year to $970 per week, while unit rents have risen by 5.8% to $688 per week. This steady demand reflects the suburb's appeal, offering a blend of coastal living and urban convenience, making it an attractive option for both renters and investors.

Suburbs near Port Melbourne

Some popular suburbs near Port Melbourne include:

  • Docklands: Known for its modern waterfront living and vibrant business district, Docklands is located northeast of Port Melbourne.
  • Newport: Featuring a charming village atmosphere with a strong community feel, Newport is situated to the west of Port Melbourne.
  • Southbank: Renowned for its arts precinct and high-rise apartments, Southbank lies directly east of Port Melbourne.
  • Footscray: Known for its diverse cultural scene and bustling markets, Footscray is located northwest of Port Melbourne.
  • Maidstone: Offering a mix of residential and industrial areas with growing development, Maidstone is situated further northwest of Port Melbourne.

How does Port Melbourne compare to nearby suburbs?

  • Median house prices: Port Melbourne’s median house price is 24.5% higher than Newport’s.
  • Median unit prices: Port Melbourne’s median unit price is 24.1% higher than Docklands’s.
  • House price growth: Over the past 12 months, house prices in Port Melbourne have grown 14.9% higher than in Docklands.
  • Unit price growth: Over the past 12 months, unit prices in Port Melbourne have grown 4.6% higher than in Southbank.
  • Selling speed for houses: Properties in Port Melbourne are selling 34.9% faster than in Docklands.
  • Selling speed for units: Properties in Port Melbourne are selling 10.6% faster than in Docklands.
  • Investment considerations: In Port Melbourne, the rental yield for house is 55.9% higher than the Melbourne average, while the rental yield for units is 19.4% higher.
  • House price growth: Over the past 12 months, house prices in Port Melbourne have grown 56.6% higher than the average rate of growth across Melbourne.
  • Unit price growth:Over the past 12 months, unit prices in Port Melbourne have grown 19.7% higher than the average rate of growth for units across Melbourne.

Common questions about Port Melbourne

  • Is Port Melbourne a nice place to live?

    Port Melbourne is a delightful suburb that offers a unique blend of coastal charm and urban convenience, making it a fantastic place to live. Its vibrant atmosphere is complemented by a rich maritime history and a modern urban lifestyle, appealing to a diverse community. The suburb is known for its stunning waterfront, which provides residents with beautiful sandy beaches and scenic walking trails, perfect for leisurely strolls or family outings. The iconic Station Pier adds a touch of maritime allure, serving as a gateway for cruise ships and offering a picturesque backdrop for the area.

    Families will find Port Melbourne particularly appealing due to its proximity to a range of amenities. The bustling Bay Street shopping precinct is a hub of activity, featuring trendy cafes, boutique shops, and essential services, ensuring that everything you need is within easy reach. The suburb's excellent public transport links make commuting to Melbourne's CBD a breeze, offering the perfect balance of city convenience and coastal relaxation. Safety is generally not a major concern, contributing to the suburb's family-friendly vibe.

    While Port Melbourne offers a high quality of life, there are some trade-offs to consider. The area's popularity and desirable location mean that property prices can be on the higher side, which might be a consideration for those on a tighter budget. Additionally, the ongoing developments and infrastructure upgrades could lead to some temporary disruptions. However, these changes are set to enhance the suburb's appeal even further, promising an exciting future for residents.

    Overall, Port Melbourne is a charming and vibrant suburb that caters to a wide range of lifestyles. Whether you're a family seeking a safe and convenient environment, a professional looking for a lively community, or someone who simply enjoys the coastal lifestyle, Port Melbourne offers a unique and appealing place to call home.

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  • Is it expensive to live in Port Melbourne?

    Living in Port Melbourne comes with a price tag that reflects its desirable location and lifestyle offerings. The current median house price is a hefty $1,480,000, while units are more affordable at a median price of $747,500. When it comes to renting, houses average $800 per week, and units are slightly less at $700 per week. These figures suggest that housing in Port Melbourne is on the higher end, especially when compared to many other suburbs in the Melbourne area.

    The average wage in Port Melbourne is approximately $104,000 per year, with the median household income sitting at around $122,000 annually. This is relatively high compared to the average wage in Melbourne, which hovers around $90,000 per year. Despite the higher local incomes, the substantial cost of housing means that a significant portion of earnings would likely go towards accommodation expenses.

    Overall, while Port Melbourne offers a vibrant lifestyle with its proximity to the beach and city, as well as a range of dining and recreational options, it is considered an expensive place to live. If you are thinking of living in Port Melbourne, it's essential to evaluate your financial situation to ensure it can support the costs associated with this sought-after suburb.

    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 Port Melbourne a good place to invest?

    Port Melbourne presents an intriguing opportunity for investors, particularly those interested in the rental market. While the median house values have remained stable over the past year, the rental market for units has shown a significant increase, with rents rising by 7.7%. This suggests a growing demand for rental properties, especially units, which could be appealing for investors seeking steady rental income.

    The suburb's proximity to the city and its vibrant waterfront lifestyle make it a desirable location for both renters and buyers. Although the capital growth for houses and units has been relatively flat, the strong rental demand indicates that Port Melbourne remains a popular choice for tenants. This could potentially lead to future capital growth as the demand for housing continues to rise.

    Overall, Port Melbourne offers a stable investment environment with promising rental returns, particularly for units. Its attractive location and lifestyle amenities ensure ongoing demand, making it a worthwhile consideration for investors looking for a balance of rental income and potential long-term appreciation.

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Choose the right real estate agents in Port Melbourne

Currently, there are 131 real estate agents working in Port Melbourne—but not all agents deliver the same results. The right agent could make a huge difference to your final sale price.

Only 5 out of these 131 agents sold 31.3% of all properties in Port Melbourne over the past year. Choosing one of these top-performing agents means tapping into proven expertise for a better sale outcome.

Real estate agents in Port Melbourne typically charge a commission of 1.8% to 2.47%. Negotiating a fair commission rate and the right structure can motivate your agent to work even harder, helping you sell for more and potentially saving you thousands of dollars.

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