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

Springvale is an established inner southeastern suburb with a lively multicultural character centred on its busy retail strip along Springvale Road, known for Vietnamese and Southeast Asian shops and eateries. Streets alternate between quiet residential pockets of older postwar homes and modest villas and more recent townhouses, and residents have easy access to public transport at Springvale station, major roads, green landmarks such as the Springvale Botanical Cemetery, and the Sandown race precinct.

The community of 22,174 has a median age of 36 and leans towards family households, with couple families with children the largest group; just under three in five homes are owner-occupied while just over two in five are rented. Several major public projects have been completed in recent years and planning and revitalisation work is ongoing, which contributes to everyday convenience and continuing improvements to the public realm. Whether that suits you depends on what you’re looking for in a suburb.

On the figures for Springvale, a typical local household earned $1,402 a week at the last Census. Rents are a large share of that income: a house rent of $640 a week would take about 46% of a typical local household's weekly income, and a unit rent of $500 a week would take about 36%. Buying looks more stretched against local incomes: the median house price of $910,000 is about 12.5 times a typical local year's household income at the last Census, while the median unit price of $619,500 is about 8.5 times that annual income. Whether that feels expensive will depend on your own circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

The most notable movement in Springvale over the past 12 months is a strong 12.4% rise in median house values. House rents also climbed, up a solid 6.7%, so on the houses side price growth outpaced rent growth over the year. By contrast, median unit values edged up only 0.8% while unit rents rose a modest 4.2%, meaning rental income for units grew faster than their capital value this year.

If you are weighing Springvale up as an investment, these figures show the balance between capital growth and rental income over the past year: houses delivered the stronger capital gains, while units saw relatively stronger rent growth. Whether that balance fits 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.