Is Springvale a nice place to live?

Springvale is centred on a bustling retail strip along Springvale Road and is known for a distinctly multicultural street life of markets, eateries and shops. Residents include many families, with couple families with children the largest family group (44.4% of families). Regular trains and buses run via Springvale station, and community centres, schools and sporting reserves punctuate the suburb; the Revitalising Springvale program has delivered the Springvale Community Hub and Library, which includes a modern library with flexible community meeting spaces and on-site parking.

Is it expensive to live in Springvale?

Against what local households earned at the most recent Census, housing in Springvale looks stretched. A typical local household earned $1,402 a week at the most recent Census; a house rent of $650 a week would take about 46% of that weekly income, and a unit rent of $500 a week would take about 36%. On the buying side, the median house price of $910,000 works out to about 12.5 times a typical local annual household income, and the median unit price of $632,000 is about 8.7 times annual household income. On these figures, rents take a large share of weekly income and buying sits well above local incomes; the rent share is likely the most relevant number if you plan to rent. Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Is Springvale a good place to invest?

A strong 10.0% rise in house values in Springvale over the past 12 months stands out, with house rents also up 8.3% in that period. For houses, capital growth slightly outpaced rental income growth, with both moving by notable amounts. Unit values edged up a slight 1.6% while unit rents rose a modest 4.2%, so on units rental income grew faster than capital value. Overall, the two property types moved differently: houses showed larger value gains and stronger rent increases than units, while units saw rents outpace values. 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.

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Springvale suburb profile

Springvale sits in Melbourne's south-east, a long-established suburb centred on a bustling retail strip along Springvale Road, lined with shops, cafes and eateries. The suburb has a distinctly multicultural street life with markets and restaurants serving many cuisines, and pockets of leafy residential streets and neighbourhood parks that provide quieter spots amid the commercial activity.

Housing runs from interwar and postwar cottages to newer apartment developments, with shopfronts and mixed-use buildings along the main road. Regular trains and buses link Springvale via Springvale station and major roads, while community centres, schools and sporting reserves punctuate the suburb's everyday infrastructure.

Springvale property market performance

Current median dwelling price$771,000Past 3 months

Property growth+5.8%Past 12 months

Springvale's median house price is $910,000 and house values rose sharply over the last 12 months, up 10.0%. The median unit price is $632,000 and unit values edged up marginally, rising 1.6%. House values rose more strongly than unit values. Over the last 3 months 43 houses and 14 units sold, and both types spent 40 days on market, selling in much the same time.

In Springvale, unit rents rose 4.2% over the last 12 months, a modest increase that outpaced unit value growth.

	Houses	Units
Median price Past 3 months	$910K	$632K
Change in value Past 12 months	10.0%	1.6%
Sold Past 3 months	43	14
Median days on market Past 12 months	40	40
Average rent Past 12 months	$650	$500
Change in rent Past 12 months	8.3%	4.2%

5 year median price trend for houses and units

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Springvale demographics

Springvale is an area with incomes below the median for Victoria, with 41.7% of homes rented but most homes still owner-occupied.

Couples with children are the largest family group at 44.4% of families. At the 2021 Census, 22,174 people lived in Springvale.

Springvale and Victoria

	Suburb	VIC
Median age years	36	38
Median household income weekly	$1,402	$1,759
Couples with children share of families	44.4%	45.5%
Couples without children share of families	32.3%	37.6%
One-parent families share of families	19.4%	15.2%
Homes owned outright share of homes	33.7%	33.2%
Homes with a mortgage share of homes	24.5%	37.3%
Homes rented share of homes	41.7%	29.5%

Source: ABS 2021 Census. Shares of homes exclude other and not-stated tenure.

Springvale infrastructure, key developments and investment opportunities

Springvale's Revitalising Springvale program has delivered the Springvale Community Hub and Library, which opened in 2021 and includes a modern library with flexible community meeting spaces and on-site parking, and the project’s Springvale Road Boulevard works (stages 1 and 2) were completed and launched in 2022, delivering widened footpaths, new garden beds, additional trees, seating and improved street lighting.

Other dated items under the revitalisation program and council works include the Springvale level crossing removal announcement in 2014, the Springvale Asian Gateway completed in 2015, the Warwick Avenue master plan developed in 2015, and a Revitalising Springvale action plan drafted in 2023 following community engagement that began in 2022.

Suburbs near Springvale

Some popular suburbs near Springvale include:

How does Springvale compare to nearby suburbs?

Median house prices: Springvale’s median house price is 5.8% higher than Springvale South’s.
Median unit prices: Springvale’s median unit price is 19.2% higher than Clayton South’s.
House price growth: Over the past 12 months, house prices in Springvale have grown 8.1% higher than in Clayton South.
Unit price growth: Property prices in nearby Clayton South have risen 1.3% more than in Springvale over the past year.
Selling speed for houses: Properties in nearby Springvale South are selling 2.5% faster than in Springvale.
Selling speed for units: Properties in Springvale are selling 14.9% faster than in Mulgrave.
Investment considerations: In Springvale, the rental yield for house is 2.2% higher than the Melbourne average, while the rental yield for units is 16.0% lower.
House price growth: Over the past 12 months, house prices in Springvale have grown 8.9% lower than the average rate of growth across Melbourne.
Unit price growth:Over the past 12 months, unit prices in Springvale have grown 5.7% higher than the average rate of growth for units across Melbourne.

Common questions about Springvale

Is Springvale a nice place to live?
Springvale is centred on a bustling retail strip along Springvale Road and is known for a distinctly multicultural street life of markets, eateries and shops.

Residents include many families, with couple families with children the largest family group (44.4% of families). Regular trains and buses run via Springvale station, and community centres, schools and sporting reserves punctuate the suburb; the Revitalising Springvale program has delivered the Springvale Community Hub and Library, which includes a modern library with flexible community meeting spaces and on-site parking.
Is it expensive to live in Springvale?
Against what local households earned at the most recent Census, housing in Springvale looks stretched. A typical local household earned $1,402 a week at the most recent Census; a house rent of $650 a week would take about 46% of that weekly income, and a unit rent of $500 a week would take about 36%. On the buying side, the median house price of $910,000 works out to about 12.5 times a typical local annual household income, and the median unit price of $632,000 is about 8.7 times annual household income. On these figures, rents take a large share of weekly income and buying sits well above local incomes; the rent share is likely the most relevant number if you plan to rent.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.
Is Springvale a good place to invest?
A strong 10.0% rise in house values in Springvale over the past 12 months stands out, with house rents also up 8.3% in that period. For houses, capital growth slightly outpaced rental income growth, with both moving by notable amounts.

Unit values edged up a slight 1.6% while unit rents rose a modest 4.2%, so on units rental income grew faster than capital value. Overall, the two property types moved differently: houses showed larger value gains and stronger rent increases than units, while units saw rents outpace values.

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.

Choose the right real estate agents in Springvale

There are 93 real estate agents in Springvale, but they don’t all deliver the same results.

Some agents have a much stronger presence in the suburb, with just 5 agents handling around 29.4% of all sales in the past year.

Commission rates in Springvale typically range from 2% to 2.95%. Comparing agents—including what they charge, what’s included, and how they structure their fees—is not only important when choosing an agent, the right structure can help ensure your chosen agent is motivated to achieve the best possible result.