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

Preston is a fantastic suburb that offers a delightful blend of urban convenience and suburban charm, making it a wonderful place to call home. Known for its cultural diversity and vibrant community, Preston provides a lively atmosphere that appeals to a wide range of residents. Families, in particular, will find the suburb appealing due to its abundance of parks, schools, and community facilities. The suburb's proximity to Melbourne's CBD, combined with excellent public transport options, ensures easy access to the city's amenities while enjoying the benefits of a more relaxed suburban lifestyle.

The suburb boasts a dynamic vibe with a mix of residential, commercial, and industrial areas, offering a variety of housing options to suit different preferences. From charming period homes to modern apartments, there's something for everyone. The local Preston Market is a highlight, providing a multicultural shopping experience with fresh produce and a lively atmosphere. For those who enjoy dining out, the suburb offers a range of cafes and restaurants, while nearby Northland Shopping Centre caters to all your retail needs.

Safety in Preston is generally not a major concern, and the suburb's strong sense of community contributes to a welcoming environment. However, as with any urban area, it's always wise to stay aware of your surroundings. While Preston offers a vibrant lifestyle, some may find the ongoing redevelopment projects and increased demand for housing a trade-off, as these factors can lead to changes in the suburb's character and potentially higher property prices. Nonetheless, for families and young professionals seeking a dynamic and accessible place to live, Preston is a highly attractive option.

Living in Preston can be seen as moderately expensive, especially when considering its proximity to Melbourne's city centre and the amenities it offers. The current median house price in Preston is about $1,160,000, while units are more affordable at a median price of $595,000. For those looking to rent, the average weekly rent for houses is around $600, and for units, it's approximately $530. These figures suggest that housing costs in Preston are substantial, although not as high as some of the more central suburbs in Melbourne.

When comparing the average wage in Preston, which is around $96,000 per year, to the median household income of $1,844 per week, it becomes clear that a significant portion of income would be directed towards housing expenses. This is relatively in line with Melbourne's broader wage and living cost trends, but it does highlight that living in Preston requires careful financial planning. While the suburb offers a vibrant community and convenient access to the city, potential residents should weigh these benefits against the financial commitments involved in living in this area.

Preston is shaping up to be an attractive suburb for investment, particularly if you're considering units. Over the past year, the median unit value in Preston has increased by a notable 7.4%, indicating strong demand and potential for capital growth. This is complemented by a significant 10.4% rise in unit rents, suggesting a robust rental market that could provide solid rental returns for investors.

While the median house value has seen a modest increase of 0.4%, the rental market for houses has grown by 3.4%, which still reflects a stable demand for housing. This makes Preston a balanced option for those looking to invest in houses, offering steady rental income with potential for future appreciation.

Overall, Preston's combination of rising unit values and strong rental growth makes it a compelling choice for investors, especially those interested in units. The suburb's ongoing development and proximity to Melbourne's CBD add to its appeal, ensuring it remains a desirable location for both renters and buyers alike.