West Melbourne - at the edge of Melbourne CBD and full of character
Planning to live or buy a property in West Melbourne?
West Melbourne is one of the underestimated inner suburbs within walking distance to Melbourne CBD and to village-feeling suburbs like North Melbourne.
With charming Victorian terraces and New York-style warehouses converted into stylish apartments, West Melbourne attracts young professionals as well as couples.
West Melbourne is a very popular choice for those who enjoy the buzz of the city without essentially living there. The close proximity to Melbourne CBD, main stations such as North Melbourne and Flagstaff, as well as Flagstaff Gardens and the Queen Victoria Market, make this area very appealing for urban lifestyle lovers. You are also only a short walk away from getting access to the Free Tram travel within the Melbourne CBD. For those parents with school-aged children you have excellent choices as it sits within the school zone for the prestigious University High and private school Haileybury is also within easy reach.
House prices
Terrace houses, apartment living and warehouses with generous living spaces are all open options for purchase or rent.
West Melbourne has 207 properties available for rent and 110 properties for sale. Median property prices over the last year range from $1,215,000 for houses to $595,125 for units. If you are looking for an investment property, consider houses in West Melbourne rent out for $573 PW with an annual rental yield of 2.5% and units rent for $380 PW with a rental yield of 3.3%. Based on five years of sales, West Melbourne has seen a compound growth rate of 6.5% for houses and 3.3% for units*.
Looking for a loan to buy a property in West Melbourne?
If you are looking to buy a property as your first home, next home, or an investment, we are here to help make your journey smoother with our expert advice. Our local Melbourne brokers know the area well and they can help and guide you through the whole process.
Start your home loan journey today
Book a 10 minute phone meeting with a consultant of your choice at a time that suits you or call our Mortgage Choice Melbourne office on 03 8602 6777!
*Data from realestate.com.au updated in July 2021.
