Prahran is home to the famous Chapel Street, a Melbourne landmark. Tourists and Melbournians alike flock to the trendy strip for its shops and cafes. Colonel Tan's boasts some delectable Thai cuisine within an American diner setting, while Electric Ladyland, an ultra-stylish bar situated on the first floor, offers a great view down onto Chapel Street.
Prahran is full of historic terrace houses situated next to public housing estates, as well as modern high rise apartment buildings. It is a home to young professionals and families attracted to the inner urban lifestyle. The Stonnington Council provides free events throughout the year with a strong focus on developing the local arts and culture. The bustling Prahran Market, situated on the South Yarra side of Commercial Road, is renowned as a fresh food bazaar, specialising in quality produce and specialty items. The start of Commercial Road just after Chapel Street is home to numerous gay and gay-friendly bars and clubs. When strolling through Victoria Gardens, it feels like you're in another world. The quiet tranquillity of the space is heightened by park benches under shady trees surrounded by spectacular gardens. There is an oval where dogs are allowed to run free while locals stand and watch.
Prahran is easily accessible by public transport, Prahran Station is on the Sandringham line, and it a short walk across to neighbouring South Yarra Station a major hub servicing the many south-eastern train lines. The route 5, route 6, route 64, route 72, route 78 and route 79 tram lines all run through Prahran.
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$ 950,000 Median House Price
15 Minutes Average Commute
33 Median Age
11,191 Population
51.22 % Female
48.78 % Male
The following data, without any explanation, is just that, raw data. So in order to help you research the property market, we have outlined what this demographic and real estate information means and how it can be interpreted to help you make a smarter decision when buying or selling your next house or unit in prahran, Victoria.
Learn more about dataThe demographic data below has been supplied by the Australian Bureau of Statistics (ABS), which is a government body. It is based on Census data collected every 5 years on the Australian population. Although it is dated 2011, this is the latest data available and should give property investors, property buyers and sellers a very good idea when researching or reviewing their suburb.
It’s important to note when looking at this data that you don’t just use it on its own. Consider this demographic and real estate data as a whole and seek advice from a professional when thinking of buying or selling your next property.
Median values are the most accepted measure of property values in the real estate industry in Australia. The median is the midpoint (the middle) figure when all the sold property prices over a particular period of time are ordered from their lowest to their highest value.
Learn more about dataHere we have outlined the median value for all sales for each year over a period of 5 years. This is a more realistic timeframe when gauging how houses and units in prahran have performed, and it usually indicates how they will perform in the future.
Median values less than 3 months old are often not always accurate (due to incomplete data) and therefore cannot be relied upon for long-term prahran property price predictions.
The property type in your suburb will help you identify the density of the area. The greater the number of flats, units and apartments, the more likely it is the suburb has a higher density of living and occupants are more reliant on public transport, cafes, restaurants, convenience stores and amenities, infrastructure and less reliant on their own vehicle for transport.
Learn more about dataTypically, inner city suburbs within 10km of the CBD are comprised of apartments and semi-detached homes, while middle ring suburbs have semi-detached and detached properties. Rural properties would most likely fall under the “other” category.
This ABS Property Type data combined with Population Density and Family Composition figures gives a good indication of the type of people living in an area and therefore what type of property (1-2 bed apartment or house) would be an ideal investment or property to live in.
This is one of the most compelling statistics in this section because it has a profound impact on real estate prices. It should always be considered when buying or selling property in prahran
Experts believe mortgage stress occurs in real estate when property owners are spending over 30% of their gross income on their mortgage repayments. These figures show weekly income and monthly mortgages.
Learn more about dataTo calculate the percentage of income paid towards a mortgage for the suburb of Melbourne, multiply the mortgage payment (e.g. $2450) by 12 then divide this figure by the weekly income (e.g. $1200) multiplied by 52 (weeks) to look like this ($2450 x12/$1200 x 52) x 100 = 47%
Any figure above 30% usually indicates that the suburb you intend to buy in may have property owners with a high incidence of mortgage stress. In terms of maintaining or growing property values in the future and trying to secure a strong property price when selling, this could have an impact, especially in an economic or local industry downturn.
39 PERTH ST
1/37 Greville Street
21 Normanby Street
3/28 Raleigh Street
5/17 Clarke Street
123 ALBERT STREET
In each suburb we have identified real estate agents who are active local experts. Our goal is to have a network of real estate agents that have been reviewed by previous clients for future buyers and sellers to rely on when making their next property move or even when they just wanting real estate advice.
This week Melbourne’s auction market has been tested with over 1200 properties reportedly going under the hammer over the weekend. Although both Domain and the REIV show clearance rates at nearly 70%, this on the surface seems good but in actual fact is 10% down for the same time last year. Speaking to a number of agents around town confirms….
There has been a lot of “white noise” surrounding the Sydney and Melbourne property market over the last few months and it has taken me a while to determine which way things were actually going to go. Is the Australian property market heading down the gurgler or is this just a glitch?
Melbourne Auction Results 11th of September 2017 73% Clearance Rate 836 Reported Auctions Sold at Auction: 523 Passed in: 194 Sold Before: 99 Sold After: 0 Postponed 14 Source:REIV Melbourne Market Wrap March 11th September , 2017 The REIV reported 836 properties
According to Population Estimates and Forecasts report nearly one million people will be visiting Melbourne on an average weekday within the next five years
Australia’s political parties are using housing affordability as a platform to boost their popularity and polarise the community, but is this a local issue? Low interest rate cycles globally have pushed asset prices up, so how will this affect our market?
The latest unemployment figure releases last week show the Australian economy is growing but is this true? We scratch the surface and look at the problem with our wage growth, our youth unemployment and why many households are suffering mortgage stress.
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