Question 1

Is Springvale South a nice place to live?

Accepted Answer

Springvale South is a quiet, established residential suburb in Melbourne’s south east. Tree-lined streets of mainly single-storey post-war brick homes sit alongside pockets of modern townhouses and infill. It appeals to families and commuters who value a suburban pace, nearby parks and sporting reserves, and easy access to the shops and eateries of neighbouring Springvale. Public transport is convenient via Springvale station and local buses, and major roads link to employment precincts and other parts of the metropolitan area.

About 12,766 people live in Springvale South; the median age is 38 and the median total household income is $1,498 a week, about $78,000 a year. Families are the dominant household type and most homes are owner-occupied (72.2%). A government-led residential release on Coomoora Road added townhouses and lots with some homes secured as social housing, and the council is progressing improvements at Spring Valley Reserve and staged upgrades to sports pavilions and change rooms at Burden Park.

Question 2

Is it expensive to live in Springvale South?

Accepted Answer

On these figures, buying a house in Springvale South at a median of $890,000 works out to about 11.4 times a typical local annual household income at the last Census, which is well above what people locally earned then. Renting looks less stretched than buying but still significant: a house rent of $650 a week would take about 43.4% of a typical local household's weekly income at the last Census, a large share, while a unit rent of $518 a week would take about 34.6%, a sizeable share.

If you're mainly looking at renting, those rent shares are the most directly relevant numbers; if you're looking to buy, the price multiple against the Census income is the key figure to consider. Whether that feels expensive for you will depend 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 Springvale South a good place to invest?

Accepted Answer

The clearest movement over the past year is in unit values, which climbed a strong 10.3%. House values also rose, up a solid 6.1% in Springvale South, so both sides of the sales market recorded growth over the 12 months.

On the rental side, house rents increased a solid 8.3% while unit rents rose a modest 3.6%. That means the rent a house earns grew faster than its price this year, whereas unit prices rose faster than the rent they bring in. If rental income is your focus, the house figures are the more relevant ones; if you are watching capital growth, the unit value change is the standout. Whether that suits your goals depends on your 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	$890K	N/A
Change in value Past 12 months	6.1%	10.3%
Sold Past 3 months	19	6
Median days on market Past 12 months	30	29
Average rent Past 12 months	$650	$518
Change in rent Past 12 months	8.3%	3.6%

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