Question 1

Is Princes Hill a nice place to live?

Accepted Answer

Princes Hill sits in inner-north Melbourne beside Royal Park and has a compact, residential character. Tree-lined streets of Victorian and Edwardian terraces, weatherboard cottages and modest garden blocks give the area a quiet, established feel. Its inner-city location attracts a mix of professionals, families and students who value walkability, local cafes and easy access to public transport, while small shopping strips and adjacent parkland make day-to-day errands and weekend strolls straightforward.

The community is dominated by couple families, with 49.7% being couples without children and 35.4% couples with children; the population is 2,005 and the median age is 39. Homes are more often owner-occupied than rented (55.6% owner-occupied, 44.5% rented) and the median household income is $2,218 a week (roughly $115,336 a year). There are no significant new infrastructure projects reported at present, though Princes Hill is part of the City of Yarra’s Local Area Place Making precinct and a traffic-management plan from that process has endorsed works yet to be completed. Whether that suits you depends on what you value in a suburb.

Question 2

Is it expensive to live in Princes Hill?

Accepted Answer

Renting in Princes Hill looks different depending on the dwelling. A house rent of $1,000 a week would take roughly 45.0% of a typical local household's weekly income at the last Census, which is a large share of that income. By contrast, a unit rent of $535 a week works out to about 24.1% of that same weekly household income, a moderate share.

If you're focused on renting rather than buying, those rent shares are the figures that matter: houses would take a large portion of a typical local household's income at the last Census, while units sit at a more moderate level. 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 Princes Hill a good place to invest?

Accepted Answer

House rents in Princes Hill jumped 17.6% over the past year, a strong rise in potential rental income. House values also rose, up 9.5% over 12 months, a solid increase, so for houses the growth in rents outpaced capital growth this year. Unit rents increased by 4.3% over the same period, a more modest gain.

If rental income is your priority, the large rise in house rents is the figure that matters. If you are focused on capital growth, the house value increase is the relevant number. Whether that balance suits your plans depends on your goals and circumstances.

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	N/A	N/A
Change in value Past 12 months	9.5%	N/A
Sold Past 3 months	6	N/A
Median days on market Past 12 months	46	N/A
Average rent Past 12 months	$1000	$535
Change in rent Past 12 months	17.6%	4.3%

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