Port Melbourne Suburb Profile

September 7, 2021

Port Melbourne is only 3km from the CBD. The formerly industrial Port Melbourne has been subject to major rejuvenation over the past three decades. The suburb includes three main localities, Garden City which mostly includes semi-attached single and double story homes, Beacon Cove which was developed in the 1996 and includes mostly medium and high rise apartments and townhouses and Fisherman’s bend which was rezoned and developed in 2012. The suburb features leafy parks, the beach and Bay Street’s restaurants and cafes. The suburbs demographic is mostly made up of professionals in their 30’s.

The suburb saw a 6.7% growth the past decade and saw capital growth of 15.2% in the past 12 months, which is above the average growth rate.

The average rent for the suburb sits at around $695 per week and based on the median house price being $1,770,000, property owners could potentially earn a 2% increase in gross rental yield. While this may be considered a low return it is balanced by a very strong capital growth meaning the suburb still offers great investment opportunities for an investor with the right investment structure.

Why do we like this suburb? Port Melbourne is both an ideal suburb for investors and home buyers and offers an idyllic inner city lifestyle being under 5km from the CBD as well as easy access to the beach. The suburb blends old and new effortlessly and is surrounded by other highly sought after suburbs such as Middle Park and Albert Park.

Median House price: $1,770,000

Median unit price: $867,000

Recently Sold: 36 Albert St, Port Melbourne $1,655,000 Our Favorite Local Coffee: Grey & Bliss

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