Aspendale
A 14-year price CAGR of 5.6%, from $620,000 in 2013 to a 2022 peak of $1,440,000 then correcting to $1,330,800, reveals a suburb that has moved through a full market cycle. Aspendale's 7,285 residents hold university degrees at 45.2%, 15.1 percentage points above the national rate, and sit in SEIFA decile 9 for both IRSD and IRSAD. The crime rate of 46.5 per 1,000 is dominated by property offences (211 of 339 total), roughly in line with bayside Melbourne averages. This is established wealth that has survived a post-2022 correction and is now repricing.
Population
7,285
Median Age
40.0
Household IncomeiMedian weekly household income (ABS Census)
$2,343/wk
DAs (12 months)iDevelopment Applications lodged in the past year
31
Median House
$1.3M
Apr-Jun 2024
The median house price of $1,330,800 sits 7.6% below the 2022 peak of $1,440,000, offering buyers a rare entry point below previous highs. Mortgage repayments of $2,383 per month absorb 23.5% of household income, below the 30% stress line. The stock is 69.2% detached houses, with a notable 20.1% apartment share that provides entry options below the house median. Three-bedroom homes dominate at 46.3%, with 35.3% having 4-plus bedrooms. The 81.9% residential retention rate indicates high satisfaction among existing owners. Two schools within the suburb both score above ICSEA 1100, a strong drawcard.
For Buyers
The median house price of $1,330,800 sits 7.6% below the 2022 peak of $1,440,000, offering buyers a rare entry point below previous highs. Mortgage repayments of $2,383 per month absorb 23.5% of household income, below the 30% stress line. The stock is 69.2% detached houses, with a notable 20.1% apartment share that provides entry options below the house median. Three-bedroom homes dominate at 46.3%, with 35.3% having 4-plus bedrooms. The 81.9% residential retention rate indicates high satisfaction among existing owners. Two schools within the suburb both score above ICSEA 1100, a strong drawcard.
For Investors
Weekly rent of $460 on the $1,330,800 median produces a gross yield of approximately 1.8%, below the cost of capital for leveraged investors. The 5.6% vacancy rate is slightly elevated. With 31 DAs in 12 months, including multiple subdivision applications, the supply pipeline is modest. Population growth of 0.82% per year (+118 persons) projects to 14,959 by 2031. Rent growth of 37.5% over the decade is strong, but the 7.6% correction from the 2022 peak signals capital risk. Only 18% of households rent, limiting the addressable market for yield-focused strategies.
Development Activity
Total DAs
32
Last 12 Months
31
YoY ChangeiYear-over-year change in DA lodgements
—
Avg DA CostiAverage estimated cost per DA in the past year
N/A
Monthly DA Lodgements
DA Categories
Schools in Aspendale iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
St Louis de Montfort's School
Prep-6 · 594 students
Aspendale Primary School
Prep-6 · 477 students
Demographics
Aspendale's median age of 40 matches the national figure, but the stable trajectory (young share unchanged, senior share down 0.1 point) distinguishes it from aging suburbs. University attainment at 45.2% exceeds the national rate by 15.1 points, the second-highest in this batch. English ancestry leads (2,856), with Irish (1,105) and Italian (390) providing European depth. At 19.7% born overseas, the suburb sits 1.9 points below the national average, with Greek (38), Mandarin (29), and Italian (29) the most common non-English languages. Average household size of 2.7 is slightly above national, and professionals dominate occupations at 1,108.
Age Distribution
Bedrooms
Dwelling Structure
69.2%
Houses
10.5%
Townhouse
20.1%
Apartment
Tenure
Over 14 years, the median price rose from $620,000 in 2013 to a peak of $1,440,000 in 2022, then corrected to $1,330,800 by mid-2024, a 7.6% decline from peak. The CAGR of 5.6% over that period is solid but unspectacular for bayside Melbourne. Ownership patterns show established wealth: 38.9% own outright, 43.1% hold mortgages, and 18% rent. The 69.2% detached house share is complemented by 20.1% apartments and 10.5% semi-detached, offering more diversity than typical bayside suburbs. Mortgage-to-income of 23.5% and rent-to-income of 19.6% both sit comfortably below stress thresholds.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$2,383
Rent / wk
$460
HH Size
2.7
Personal Income / wk
$1,023
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
5.6%
Unoccupied
154
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
19.6%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
23.5%
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
20.5%
Couples, no children
6,195
Total families
Economy & Employment
Education (15%, 408 workers) and healthcare (14.9%, 403) are virtually tied as the largest employers, followed by professional services (12.8%), construction (11.6%), and public administration (7.3%). Professionals lead occupations at 1,108, followed by managers (663), creating a knowledge-worker majority. Unemployment at 4.1% is close to the national average, with a participation rate of 64.1% that is healthy for a suburb with this age profile. SEIFA scores show consistent advantage: IEO decile 8, IER decile 8, IRSD decile 9, IRSAD decile 9, placing Aspendale in the top 10-20% nationally across all four indices.
Unemployment
3.6%
Labour Force
5,425
Unemployed
196
Quarterly Trend
Source: SALM Dec-25
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
63.2%
Part-time
32.7%
Participation
64.1%
Employed
3,548
Occupations
Top Industries
University
45.2%
Postgraduate
11.1%
Born Overseas
19.7%
Dwellings
2,593
Transport to Work
Two high-performing schools anchor the suburb: St Louis de Montfort's (Catholic, ICSEA 1107, 594 students) and Aspendale Primary School (Government, ICSEA 1100, 477 students), both scoring 100+ points above the national benchmark. The crime rate of 46.5 per 1,000 is dominated by property offences (211 of 339 total), with crimes against the person at 46, roughly average for bayside Melbourne. Public transport captures 5.2% of commutes, above most outer-suburban benchmarks. Car dependency at 87.9% remains high. The IRSAD decile of 9 confirms top-tier socio-economic advantage.
Drive
87.9%
Public Transport
5.2%
Walk / Cycle
3.4%
Work from Home
N/A
Population Forecast
+0.82%/yr
(+118 people/yr)
EstablishedPopulation growth of 0.82% per year (+118 persons) projects to 14,959 by 2031. The 10-year change of 12.3% is moderate. Growth is driven by overseas migration (+128 per year) while internal migration runs at -44, a pattern common in established Melbourne suburbs where international arrivals replace domestic outmovers. Affordability improved from 48.5% in 2011 to 43.1% in 2021, driven by real income growth of 25.9%. The gentrification score of 45 signals active-stage change, and rent growth of 37.5% over the decade is strong, though the post-2022 price correction tempers the capital growth narrative.
Historical + Forecast
Hamilton-Perry + Holt smoothing on ERP 2001-2025
Age Cohort Forecast
Primary Driver
Overseas Migration
Net Overseas / yr
+128
Net Internal / yr
-44
Gentrification Signal
Not gentrifying
Population +15% since 2011
Safety & Crime
Total Offences
339
Year ending June 2024
Rate per 1,000 People
46.5
Offence Categories
Source: Crime Statistics Agency Victoria / SA Police
National Ranking iPercentile rank among ~15,000 AU suburbs. 90% = higher than 90% of suburbs
How Aspendale compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Aspendale a good suburb to live in?
Aspendale ranks in SEIFA decile 9 for socio-economic advantage, with 2 schools both scoring above ICSEA 1100. Mortgage stress at 23.5% of income is manageable. The crime rate of 46.5 per 1,000 is driven mainly by 211 property offences, roughly average for bayside Melbourne. University attainment at 45.2% exceeds the national rate by 15.1 points.
What is the median house price in Aspendale?
The median house price is $1,330,800 as of mid-2024, down 7.6% from the 2022 peak of $1,440,000. Over 14 years, the CAGR is 5.6% from a $620,000 base in 2013. Monthly repayments of $2,383 absorb 23.5% of household income.
What schools are in Aspendale?
Aspendale has 2 schools: St Louis de Montfort's (Catholic, ICSEA 1107, 594 students) and Aspendale Primary School (Government, ICSEA 1100, 477 students). Both score over 100 points above the national ICSEA benchmark of 1000, placing them in the top tier nationally.
Is Aspendale safe?
Aspendale's crime rate is 46.5 per 1,000 residents, with 339 total offences. Property and deception offences account for 211 (62%), crimes against the person total 46, and drug offences are 25. This profile is comparable to other middle-bayside Melbourne suburbs.
Is Aspendale good for property investment?
Gross yield of approximately 1.8% ($460/week on $1,330,800) is below the cost of capital. The 7.6% correction from the 2022 peak presents capital risk but also a lower entry point. Rent growth of 37.5% over the decade is strong. Population growth of 0.82% per year and 31 DAs in 12 months provide moderate demand support.
How is Aspendale's population changing?
Population grows at 0.82% per year (+118 persons), projecting to 14,959 by 2031. Growth is driven by overseas migration (+128 annually) while net internal migration runs at -44. The 10-year change of 12.3% is moderate, and the age structure is stable, with no significant shift in young or senior shares.
How to read these comparisons
Phrases like "above the national average" reference the unweighted median across Australian suburbs with more than 1,000 residents, not population-weighted national figures. Suburb-level medians are more useful for ranking suburbs against each other; ABS census headlines are population-weighted (so dominated by Sydney and Melbourne) and can read very differently.
Current baseline (refreshed 2026-05-10): median age 40, university-educated 30.1%, born overseas 21.6%, average household size 2.5 people.
Data sources: ABS 2021 Census (demographics, income, tenure), state Valuer-General (house prices), Department of Jobs SALM (unemployment), ACARA (school ICSEA), state Crime Statistics agencies (offences), council DA portals (development applications). Population forecasts use a Hamilton-Perry cohort model calibrated to ABS ERP.
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