Port Melbourne Real Estate
Port Melbourne Real Estate Overview:
Covering approximately 10 square kilometres, Port Melbourne is located on Hobsons Bay and the lower reaches of the Yarra River. Located close to the west of the CBD, this formerly industrial suburb has undergone extensive urban renewal. It is now a diverse place, with industrial and port areas along the river, parklands, palm-lined residential streets and Bay Street, a busy shopping strip.
The population of Port Melbourne grew 26% between 2001-2006, and now numbers 12,531 residents. The predominant age group is 30-39 years, and households are primarily single parents. The suburb is part of a major Victorian transport corridor from east to west, and is bisected by the West Gate Freeway.
Port Melbourne amenities:
The suburb has undergone a major change over the past two decades. From being one of the poorest suburbs in Melbourne it is now one of the wealthiest, with many large apartment developments.
The Port of Melbourne is Australia’s largest container and general cargo port. Station Pier is a major hub for passenger and cargo vessels, and is where the Spirit of Tasmania ship berths in Victoria. A light rail through parkland services the Port Melbourne-city route.
Other notable features and locations include the Kart Raceway, Port Melbourne Cricket Ground, the home of Circus Oz and 28 parks including Westgate Park, a natural wetland.
Port Melbourne real estate statistics:
Over half of the space in Port Melbourne comprises mostly open space, and there is also a high proportion of undeveloped land. Nearly half of the homes in Port Melbourne are owner-occupied (49.6%), with most likely to be repaying over $2,000 per month on mortgage repayments.
Residents work a diverse range of occupations, and 23% of residents report an income of over $103,000. Nearly half (48%) of all residents are renters, as well as purchasers (25%) and outright owners (24%). A third of Port Melbourne residents are single parents, and the remainder comprises a mix of childless couples (27%), couples with children (17%) and lone households (14%).
The median sales price of houses in Port Melbourne is $1,150,000.