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

Preston is an inner-northern suburb with a lively village feel centred on High Street and the longstanding Preston Market. Tree-lined streets of Victorian terraces, weatherboard cottages and postwar bungalows sit beside newer low-rise apartments around the station, so the suburb mixes established character with more recent infill. There’s a busy café and multicultural dining scene, regular trams along High Street and the Mernda train line for connections, and green spaces along Darebin Creek and nearby parklands for walking and weekend sport.

The community includes long-term residents, families and younger professionals; couple families with children are the largest family type and, together with couple families without children, make up just over eight in ten families. Preston has about 33,790 people and a median age of 37, and roughly three in five households are owner-occupied. Recent level crossing removals and a rebuilt elevated station have reshaped the centre and planning work around the Market and High Street streetscape is under way. Whether that suits you depends on what you want from a suburb.

Typical households in Preston recorded a median total household income of $1,844 a week at the last Census. On those figures, the average house rent of $690 a week would take about 37.4% of a typical local household's weekly income, a sizeable share, while the average unit rent of $525 a week would take about 28.5%, a moderate share. Looking at buying, the median house price of $1,060,000 is about 11.1 times a typical local annual household income at the last Census, and the median unit price of $495,000 is about 5.2 times annual income. So renting generally looks more manageable than buying on these figures, though 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.

Over the past 12 months Preston has shown only small movement in values alongside stronger rent growth. Median house values slipped marginally by 0.5% while median unit values rose slightly by 1.7%. By comparison, rental income increased more noticeably: house rents climbed 6.2% and unit rents rose 5.0%.

For someone weighing Preston as an investment, the numbers show very limited capital movement over the year but clearer gains on the income side, with house rents the strongest performer. Whether that balance suits your goals and circumstances is for you to decide.

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.