Parkville
A median age of just 26, fully 14 years below the national figure, marks Parkville as one of Melbourne's most age-skewed addresses, driven by the University of Melbourne campus and the city's major hospital precinct that sit inside this 4.0 km2 pocket. The student and young-professional weighting shows up everywhere: 66.3% of homes are rented, apartments make up 61.5% of stock against only 2.2% separate houses, and the vacancy rate of 20.8% is among the highest you will find. Yet the $1,642,000 median house price and IRSAD decile 9 confirm genuine premium standing, and university qualifications at 69.7% sit 39.6 points above national, the clearest signal of its knowledge-economy character.
Population
7,074
Median Age
26.0
Household IncomeiMedian weekly household income (ABS Census)
$1,885/wk
DAs (12 months)iDevelopment Applications lodged in the past year
156
Median House
$1.6M
Apr-Jun 2024
The $1,642,000 median (Apr-Jun 2024) reflects scarce freestanding stock in a campus suburb where houses are just 2.2% of dwellings. Over 14 years prices rose from $1,200,000 in 2013, a 36.8% gain at a 2.3% CAGR, slower than most inner-Melbourne markets because the supply is dominated by apartments rather than appreciating land. Two-bedroom homes (45.4%) and studio/one-bedroom units (21.9%) make up two-thirds of stock, with 4-plus bedroom homes at only 15.1%. Monthly mortgage repayments average $2,000, producing a mortgage-to-income ratio of 24.5%, below the 30% stress threshold. Only 18.8% of residents own outright and 14.8% carry a mortgage, so an owner-occupier buying here is entering a market built largely for renters.
For Buyers
The $1,642,000 median (Apr-Jun 2024) reflects scarce freestanding stock in a campus suburb where houses are just 2.2% of dwellings. Over 14 years prices rose from $1,200,000 in 2013, a 36.8% gain at a 2.3% CAGR, slower than most inner-Melbourne markets because the supply is dominated by apartments rather than appreciating land. Two-bedroom homes (45.4%) and studio/one-bedroom units (21.9%) make up two-thirds of stock, with 4-plus bedroom homes at only 15.1%. Monthly mortgage repayments average $2,000, producing a mortgage-to-income ratio of 24.5%, below the 30% stress threshold. Only 18.8% of residents own outright and 14.8% carry a mortgage, so an owner-occupier buying here is entering a market built largely for renters.
For Investors
The 66.3% renter share is one of the deepest tenant pools in Melbourne, anchored by university and hospital staff demand. Weekly rent of $396 against the $1,642,000 median produces a gross yield near 1.3%, very low even by inner-city standards, because the price reflects premium land value more than rental return. The 20.8% vacancy rate is the larger warning, signalling structural oversupply of student-oriented apartments. Net overseas migration of 452 per year sustains demand, but internal migration runs at -214, so domestic outflow offsets part of it. Development activity is heavy at 154 applications in 12 months, which adds further supply pressure. Rent grew 7.0% recently, but the yield and vacancy picture suggests capital-growth investors rather than income seekers.
Development Activity
Total DAs
233
Last 12 Months
156
YoY ChangeiYear-over-year change in DA lodgements
+108.0%
Avg DA CostiAverage estimated cost per DA in the past year
$15.4M
Monthly DA Lodgements
DA Categories
Schools in Parkville iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
University High School
7-12 · 1983 students
Demographics
The median age of 26 is 14 years below the national median, the defining demographic fact, shaped by the university and hospital workforce. Overseas-born residents at 39.2% sit 17.6 points above national, led by English ancestry at 2,068, followed by Irish (974), Chinese (935) and Scottish (730), pairing Anglo-Celtic heritage with strong East Asian migration. Mandarin (184) and Cantonese (88) are the top non-English languages. University qualifications reach 69.7%, fully 39.6 points above the national rate. Couples without children at 42.6% outnumber couples with children (855 families), and the average household size of 2.1 is 0.4 below national, consistent with a transient, study-and-work population rather than family settlement.
Age Distribution
Bedrooms
Dwelling Structure
2.2%
Houses
36.1%
Townhouse
61.5%
Apartment
Tenure
Renters dominate at 66.3%, with mortgage holders at just 14.8% and outright owners at 18.8%, a tenure split that reflects the student and early-career base. Stock is 61.5% apartments and 36.1% semi-detached, leaving separate houses at only 2.2%. Two-bedroom homes (45.4%) and studio/one-bedroom units (21.9%) form the bulk of supply. The price series runs from $1,200,000 in 2013 to $1,642,000, a 36.8% rise at 2.3% CAGR, below the inner-Melbourne average because apartment-heavy markets appreciate more slowly than land. The IER decile 2 despite strong incomes and a household income in the 70th percentile reflects the renter-heavy tenure: aggregate household wealth reads low when few residents own the property they live in.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$2,000
Rent / wk
$396
HH Size
2.1
Personal Income / wk
$586
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
20.8%
Unoccupied
566
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
21.0%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
24.5%
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
42.6%
Couples, no children
2,615
Total families
Economy & Employment
Education leads no other inner suburb so plainly: it employs 16.8% of workers (449), just behind Professional/Tech at 17.6% (469) and ahead of Healthcare at 15.9% (426), a direct imprint of the university and hospital precinct. Hospitality (6.7%) and Public Admin (6.5%) round out the top five. Professionals dominate occupations at 1,552, well clear of Managers at 397. The IEO decile 10 confirms top-tier education and occupation standing nationally. Unemployment reads high at 11.1% and participation low at 60.3%, both distorted by the large full-time student population counted as not in the labour force rather than reflecting weak demand. Real income still grew 46.2% over the decade.
Unemployment
4.9%
Labour Force
5,663
Unemployed
277
Quarterly Trend
Source: SALM Dec-25
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
51.4%
Part-time
37.5%
Participation
60.3%
Employed
3,544
Occupations
Top Industries
University
69.7%
Postgraduate
29.4%
Born Overseas
39.2%
Dwellings
2,147
Transport to Work
Walking and cycling at 36.5% is exceptional, far above the national average, a product of the compact 4.0 km2 form and the university and hospital precinct that residents can reach on foot. Car driving at 55.6% sits below average and public transport adds 4.3%. The IRSAD decile 9 confirms high overall advantage. The main livability concern is the crime rate of 119.7 per 1,000 residents across 847 offences, though the profile is heavily property-driven: property and deception offences account for 622, while crimes against the person number 96, a pattern typical of dense, high-turnover student precincts rather than violent disadvantage. Rent-to-income at 21.0% stays below the stress threshold.
Drive
55.6%
Public Transport
4.3%
Walk / Cycle
36.5%
Work from Home
N/A
Population Forecast
+1.23%/yr
(+102 people/yr)
EstablishedPopulation growth runs at 1.23% per year (102 persons), a stable established-suburb pace rather than a boom. The ERP reached 8,280 in 2025 after recovering from a 10.4% COVID dip that took the population from 8,291 down to 7,428, now 10.2% above the pandemic low. Medium forecasts project 8,930 by 2031. Overseas migration at 452 per year is the primary driver, offset by net internal outflow of -214, the classic pattern of international students and staff arriving while domestic residents move out to family-suitable suburbs. The gentrification score of 29 marks early signs, with the working-age share up 5.9 points over a decade. Affordability improved sharply, from 113.1 in 2011 to 67.3 in 2021.
Historical + Forecast
Hamilton-Perry + Holt smoothing on ERP 2001-2025
Age Cohort Forecast
Primary Driver
Overseas Migration
Net Overseas / yr
+452
Net Internal / yr
-214
Gentrification Signal
Early signs
Population +26% since 2011, Net internal outflow -214/yr, Strong overseas inflow +452/yr, COVID recovered (-10% dip → full recovery)
Safety & Crime
Total Offences
847
Year ending June 2024
Rate per 1,000 People
119.7
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 Parkville compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Parkville a good suburb to live in?
Parkville suits students and young professionals who want to walk to work or campus, with 36.5% walking or cycling and an IRSAD decile 9 confirming high advantage. University qualifications at 69.7% sit 39.6 points above national. The trade-offs are a crime rate of 119.7 per 1,000, mostly property offences, and very little family-sized housing, with separate houses at just 2.2% of stock.
What is the median house price in Parkville?
The median house price is $1,642,000 (Apr-Jun 2024). Over 14 years it rose from $1,200,000 in 2013, a 36.8% gain at a modest 2.3% CAGR, slower than most inner-Melbourne suburbs because apartments make up 61.5% of stock. Weekly rent averages $396 and monthly mortgage repayments run about $2,000.
What schools are in Parkville?
The suburb data lists no primary or secondary schools inside Parkville itself, reflecting its tertiary and hospital character. Education is the second-largest employer at 16.8% of workers (449 people), driven by the University of Melbourne, and university qualifications among residents reach 69.7%, 39.6 points above the national rate.
Is Parkville safe?
The crime rate is 119.7 per 1,000 residents across 847 total offences. The profile is heavily property-driven, with property and deception offences at 622 (73% of the total) and crimes against the person at 96. This pattern is typical of dense, high-turnover student precincts, and the IRSAD decile 9 indicates the crime is not deprivation-driven.
Is Parkville good for property investment?
The 66.3% renter share gives a deep tenant pool, but gross yield is near 1.3% ($396/week on $1,642,000), low even for the inner city. The 20.8% vacancy rate signals oversupply of student apartments. Net overseas migration of 452 per year supports demand, while internal outflow of -214 offsets some of it. Capital growth has run at just 2.3% CAGR over 14 years.
How is Parkville's population changing?
Population growth runs at 1.23% per year (102 persons), with the ERP at 8,280 in 2025 after recovering from a 10.4% COVID dip. Medium forecasts project 8,930 by 2031. Overseas migration drives growth at 452 per year, offset by net internal outflow of -214, as students and staff arrive while families move out. The median age of 26 is 14 years below national.
Where do most people in Parkville come from?
Overseas-born residents make up 39.2% of Parkville, 17.6 points above the national average. English ancestry leads at 2,068, followed by Irish (974), Chinese (935) and Scottish (730). Mandarin (184) and Cantonese (88) are the top non-English languages spoken, reflecting strong East Asian migration alongside Anglo-Celtic heritage.
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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