Mccrae
A 34.5% vacancy rate on the Mornington Peninsula tells the real story of McCrae: this is primarily a holiday and sea-change destination, not a conventional commuter suburb. With a median age of 55, 15 years above the national figure, and 54.2% of dwellings owned outright, the population is mostly debt-free retirees and semi-retirees. The median house price reached $1.5 million in April-June 2024, up from $530,000 in 2013, a 183% rise over 14 years at a 7.7% CAGR. Just 15.8% of residents rent, among the lowest shares you find in VIC, while car dependence is almost total at 91.9% because public transport accounts for only 1.4% of commute trips.
Population
3,311
Median Age
55.0
Household IncomeiMedian weekly household income (ABS Census)
$1,433/wk
DAs (12 months)iDevelopment Applications lodged in the past year
18
Median House
$1.5M
Apr-Jun 2024
The $1.5 million median house price as of April-June 2024 reflects a near-doubling from $1.325 million in October-December 2023, though recent quarters show the market at or near peak. The price-to-income ratio is steep: household income sits in the 42.5th percentile nationally, yet the housing cost is well above the Victorian state median. Monthly mortgage repayments average $2,000, and the mortgage-to-income ratio of 32.2% exceeds the 30% stress threshold, meaning buyers carrying debt feel genuine financial pressure relative to local incomes. The stock is 93.2% separate houses, with semi-detached at 6.2% and apartments barely 0.6%, so house supply is dominant but limited by the small 4.29 km2 footprint. Three-bedroom homes are 52.8% of the stock and four-plus bedroom homes 34.9%, skewing larger than most suburbs.
For Buyers
The $1.5 million median house price as of April-June 2024 reflects a near-doubling from $1.325 million in October-December 2023, though recent quarters show the market at or near peak. The price-to-income ratio is steep: household income sits in the 42.5th percentile nationally, yet the housing cost is well above the Victorian state median. Monthly mortgage repayments average $2,000, and the mortgage-to-income ratio of 32.2% exceeds the 30% stress threshold, meaning buyers carrying debt feel genuine financial pressure relative to local incomes. The stock is 93.2% separate houses, with semi-detached at 6.2% and apartments barely 0.6%, so house supply is dominant but limited by the small 4.29 km2 footprint. Three-bedroom homes are 52.8% of the stock and four-plus bedroom homes 34.9%, skewing larger than most suburbs.
For Investors
McCrae's 34.5% vacancy rate is the single most important number for investors: it is high because a large share of dwellings are holiday homes left empty most of the year, not because demand is weak. Weekly rent averages $392 against a $1.5 million median, implying a gross yield below 1.4% if the property is only let on a residential basis. Only 15.8% of residents rent long-term, so the rental pool is thin. Net internal migration runs at 144 residents annually and net overseas migration at 110, providing steady population support. Development activity is modest at 10 applications in the past 12 months, mostly single-dwelling permits and vegetation works, confirming the area is not experiencing a supply surge. The 7.7% CAGR since 2013 is the genuine investment attraction; income yield alone does not justify the entry price.
Development Activity
Total DAs
28
Last 12 Months
18
YoY ChangeiYear-over-year change in DA lodgements
+200.0%
Avg DA CostiAverage estimated cost per DA in the past year
N/A
Monthly DA Lodgements
DA Categories
Demographics
The median age of 55 is 15 years above the national figure, placing McCrae at the older end of VIC suburbs. The senior share grew 0.9 points over the decade while the young-adult share fell 0.5 points, continuing the aging trajectory. Only 13.0% of residents were born overseas, compared to the national rate of around 21.6%, making this one of the lower overseas-born communities in VIC. Ancestry is strongly Anglo-Celtic: English (1,439), Irish (457) and Scottish (454) account for the top three groups. University qualifications reach 28.9%, which is 1.2 points below the national figure, a modest gap. Average household size is 2.3, slightly below the national 2.5, consistent with the predominance of couples without children, who make up 43.0% of all families.
Age Distribution
Bedrooms
Dwelling Structure
93.2%
Houses
6.2%
Townhouse
0.6%
Apartment
Tenure
Tenure patterns reinforce the wealth profile: 54.2% of dwellings are owned outright, and only 30.0% carry a mortgage, compared to proportions closer to equal nationally. The 183% price growth from $530,000 in 2013 to $1.5 million in April-June 2024 at a 7.7% CAGR is above the long-run Victorian average. Outright ownership at 54.2% is roughly double the mortgage-holder share of 30.0%, signalling accumulated equity rather than leveraged new buyers. Separate houses dominate at 93.2%, with almost no apartment stock, so detached-house price movements define the whole market here. The mortgage stress flag is active at 32.2% mortgage-to-income, but this applies only to the 30.0% carrying debt; the majority who own outright face none of those pressures.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$2,000
Rent / wk
$392
HH Size
2.3
Personal Income / wk
$737
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
34.5%
Unoccupied
700
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
27.4%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
32.2% stressed
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
43.0%
Couples, no children
2,525
Total families
Economy & Employment
Construction is the largest industry at 18.1% of employed residents, consistent with the holiday-home renovation and building activity common in coastal VIC. Healthcare (15.2%) and Education (14.0%) follow, reflecting the older population's reliance on health services and the presence of school and community workers. By occupation, Professionals (315) and Managers (208) lead, pointing to a resident base that holds or held senior roles, likely semi-retired. The unemployment rate is 4.3%, modestly above the low rates found in professional suburbs, and the participation rate is only 46.1%, well below the national norm, because 1,249 residents are not in the labour force. SEIFA scores place McCrae in decile 4 on IRSAD and decile 3 on IRSAD nationally, below mid-range despite the high house prices, because the income and education measures are average while property wealth is not captured in SEIFA.
Unemployment
6.2%
Labour Force
10,306
Unemployed
639
Quarterly Trend
Source: SALM Dec-25
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
54.2%
Part-time
41.5%
Participation
46.1%
Employed
1,286
Occupations
Top Industries
University
28.9%
Postgraduate
5.8%
Born Overseas
13.0%
Dwellings
1,331
Transport to Work
Car dependency is almost absolute: 91.9% of residents drive to work and only 1.4% use public transport, which is among the lowest public-transport shares in VIC. Walking and cycling account for 1.9% of commute trips, modest but higher than the public-transport share, reflecting beach proximity. No schools are recorded within the McCrae boundary in this dataset, so families with school-age children rely on neighbouring suburbs on the Peninsula. The crime rate of 52.9 incidents per 1,000 residents is dominated by property and deception offences (101 of 175 total incidents), typical of high-vacancy coastal areas where unoccupied holiday homes attract opportunistic theft. The volunteering rate of 17.3% is above average, and only 5.5% of residents (172 people) need assistance with daily activities.
Drive
91.9%
Public Transport
1.4%
Walk / Cycle
1.9%
Work from Home
N/A
Population Forecast
+0.96%/yr
(+226 people/yr)
EstablishedPopulation grew 16.9% over the decade and the current trend adds 0.96% annually, above the state average for established coastal suburbs. The forecast medium scenario reaches 25,009 by 2031 from the 2025 base. Migration is balanced: net internal movement contributes 144 residents per year and net overseas migration 110, with no single dominant driver. The gentrification score of 24 and stage of early signs are consistent with what happens in sea-change areas when city buyers accelerate coastal acquisitions, but the suburb is not a regenerating urban pocket. Rent grew 42.9% over the measured period while real income growth reached 19.6%, a gap that compresses housing affordability for renters. The affordability ratio held stable at roughly 56-58% through 2011 to 2021, indicating the market has kept pace with but not materially outrun income growth over the longer run.
Historical + Forecast
Hamilton-Perry + Holt smoothing on ERP 2001-2025
Age Cohort Forecast
Primary Driver
Balanced
Net Overseas / yr
+110
Net Internal / yr
+144
Gentrification Signal
Early signs
Population +17% since 2011, Net internal migration +144/yr
Safety & Crime
Total Offences
175
Year ending June 2024
Rate per 1,000 People
52.9
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 Mccrae compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is McCrae a good suburb to live in?
McCrae suits retirees and sea-change buyers well. The median age is 55, 15 years above national, 54.2% own outright with no mortgage, and the area sits on the Mornington Peninsula. The trade-offs are a $1.5 million median price, car-only access (91.9% drive, 1.4% public transport), and no recorded schools within the suburb boundary.
What is the median house price in McCrae?
The median house price was $1.5 million in April-June 2024, up from $530,000 in 2013, a 183% rise over 14 years at a 7.7% annual CAGR. Monthly mortgage repayments average $2,000. Weekly rent averages $392, implying a gross yield below 1.4% on a standard residential lease.
What schools are in McCrae?
No schools are recorded within the McCrae boundary in this dataset. Families rely on schools in neighbouring Mornington Peninsula suburbs. Locally, 28.9% of residents hold university qualifications, 1.2 points below the national figure, and the resident base skews older with a median age of 55.
Is McCrae safe?
McCrae recorded 175 crimes in the most recent period, a rate of 52.9 per 1,000 residents. The dominant category is property and deception offences at 101 incidents, typical of high-vacancy coastal areas where 34.5% of dwellings are empty for extended periods. Crimes against the person totalled 30 incidents.
Is McCrae good for property investment?
Capital growth is the main case: a 7.7% CAGR from $530,000 in 2013 to $1.5 million in 2024 over 14 years outperforms many VIC markets. However, weekly rent of $392 against a $1.5 million price gives a gross yield below 1.4%, and the 34.5% vacancy rate means many dwellings are holiday-held rather than income-generating year-round.
How is McCrae's population changing?
The population grew 16.9% over the decade and is rising at 0.96% annually. The forecast medium scenario puts the broader area at 25,009 by 2031. Net internal migration adds 144 residents a year and net overseas migration 110. The age profile is aging, with the senior share up 0.9 points and the young adult share down 0.5 points over the decade.
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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