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

Rye is a seaside town on the Mornington Peninsula with a broad foreshore, a pier and a compact village main street of cafes, restaurants and shops. The suburb has both calm, shallow waters on Port Phillip and a punchier surf beach on the ocean side, so residents split their time between swimming, boating, fishing and long beach walks. Housing ranges from weatherboard holiday cottages and classic family homes to more recent beachside residences, and the community includes long-term locals, retirees and holiday homeowners. The population is 9,438 with a median age of 51 and a median household income of $1,334 a week (roughly $69,400 a year).

There has been a run of public-works upgrades to the foreshore and pier, with the pier rebuilt and the Foreshore Park, Foreshore Promenade and Napier Street Plaza delivered and open. Other local projects include a staged skate park upgrade moving toward construction and a completed modular expansion at Rye Preschool. With 78.1% owner-occupiers and a high share of couple families, Rye reads as a settled coastal community with easy access to beaches, coastal tracks and nearby Point Nepean National Park; whether that suits you will depend on what you want from a seaside town.

Housing costs in Rye sit well above local incomes at the last Census. The median house price of $870,000 is about 12.5 times a typical local annual household income at the last Census (weekly household income $1,334 ? annual $69,368). On the rental side, a house rent of $620 a week would take roughly 46.5% of a typical local household's weekly income at the last Census, while a unit rent of $478 a week would take about 35.8%.

On these figures, buying sits much further above what local households earned at the last Census than renting does, although renting a house would still take a large share of a typical local household's income. 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.

Rye's rental market did most of the moving over the past 12 months. House rents rose 5.1% and unit rents rose 3.2%, while median unit values fell by 0.5% over the year.

If rental income is your priority, the house rent increase is the most relevant figure here since it grew faster than unit rents. If capital change matters more to you, the unit value figure shows a slight fall over the year. Whether that pattern fits your investment 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.