Paynesville
A median age of 62 sets Paynesville 22 years above the national figure, making it one of Victoria's most distinctly retirement-oriented towns. Household income sits in just the 12.5th percentile nationally, yet 58.4% of residents own their home outright, a sign that wealth here is accumulated rather than earned, reflecting a settled older population rather than an income-constrained one. The suburb carries a 23.1% vacancy rate, well above typical residential norms, because a sizable share of dwellings are holiday or seasonal properties on the Gippsland Lakes. House prices have grown 92.6% since 2013, reaching a $545,000 median by mid-2024.
Population
3,636
Median Age
62.0
Household IncomeiMedian weekly household income (ABS Census)
$987/wk
DAs (12 months)iDevelopment Applications lodged in the past year
6
Median House
$545K
Apr-Jun 2024
The $545,000 median house price (Apr-Jun 2024) is accessible compared with Melbourne or coastal VIC markets, and the mortgage-to-income ratio of 28.7% sits below the 30% stress threshold. Separate houses make up 85.7% of stock, with semi-detached at 11.3% and apartments at just 1.2%. Three-bedroom homes dominate at 53.9%. Prices grew from $283,000 in 2013 to a 2022 peak of $565,000 before settling at $545,000, a 92.6% total gain over 14 years at a 4.8% CAGR. The 58.4% outright ownership rate, far above the national average, signals most stock is held by debt-free, long-term residents.
For Buyers
The $545,000 median house price (Apr-Jun 2024) is accessible compared with Melbourne or coastal VIC markets, and the mortgage-to-income ratio of 28.7% sits below the 30% stress threshold. Separate houses make up 85.7% of stock, with semi-detached at 11.3% and apartments at just 1.2%. Three-bedroom homes dominate at 53.9%. Prices grew from $283,000 in 2013 to a 2022 peak of $565,000 before settling at $545,000, a 92.6% total gain over 14 years at a 4.8% CAGR. The 58.4% outright ownership rate, far above the national average, signals most stock is held by debt-free, long-term residents.
For Investors
Weekly rent of $310 against a $545,000 median implies a gross yield near 2.9%, below typical investor targets nationally. The 23.1% vacancy rate is the primary caution, far above healthy norms, because a material share of dwellings are seasonal holiday properties rather than permanent rentals. The permanent renter share is 21.7%, giving a thin tenant pool. Internal migration adds 108 residents annually and population grows at 1.49% per year, supporting gradual demand. Development is minimal at 5 applications in 12 months, limiting new supply. Rent grew 51.2% over the decade against real income growth of 8.5%, widening the affordability gap for tenants.
Development Activity
Total DAs
16
Last 12 Months
6
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
Schools in Paynesville iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
Paynesville Primary School
Prep-6 · 89 students
Demographics
A median age of 62, some 22 years above the national figure, marks Paynesville as one of Victoria's most retirement-oriented suburbs. The senior share rose 9.5 points over the decade while working-age share fell 5.8 points. Overseas-born residents at 17.4% sit 4.2 points below the national average, with ancestry led by English (1,835), Scottish (533) and Irish (455). University qualifications at 20.7% are 9.4 points below national, consistent with an older cohort. Average household size of 2.0 is 0.5 below national, driven by the 55.3% couples-without-children profile. Volunteering at 19.2% is notable given the lower-income base.
Age Distribution
Bedrooms
Dwelling Structure
85.7%
Houses
11.3%
Townhouse
1.2%
Apartment
Tenure
Outright owners at 58.4% far exceed the national average, while mortgage holders account for just 19.9% and renters 21.7%. The stock is 85.7% separate houses with apartments at 1.2%, one of the most detached-dominant profiles in regional VIC. Prices moved from $283,000 in 2013 to a $565,000 peak in 2022 before settling at $545,000, sitting 3.5% below peak. The 14-year CAGR is 4.8%. Mortgage-to-income at 28.7% is below the stress threshold, but rent-to-income at 31.4% signals mild pressure for renters. The 23.1% vacancy rate partly reflects the seasonal holiday property segment.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$1,225
Rent / wk
$310
HH Size
2.0
Personal Income / wk
$561
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
23.1%
Unoccupied
501
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
31.4% stressed
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
28.7%
Community Profile
Ancestry
Household Composition
55.3%
Couples, no children
2,583
Total families
Economy & Employment
Healthcare leads local employment at 26.8% (198 workers), above what most towns of this size show, because the older population generates strong local health demand. Education follows at 12.7% (94), Construction at 9.5% (70), Retail at 8.0% (59) and Manufacturing at 6.8% (50). Professionals (208) and Community/Personal workers (180) top the occupations list. The participation rate of 34.8% is low by national standards because 1,892 residents, largely retirees, are outside the labour force. Unemployment is 5.5%. SEIFA places Paynesville in decile 4 on both IRSD and IRSAD, below the national median despite the high outright-ownership share.
Unemployment
3.9%
Labour Force
2,803
Unemployed
108
Quarterly Trend
Source: SALM Dec-25
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
53.3%
Part-time
41.2%
Participation
34.8%
Employed
1,075
Occupations
Top Industries
University
20.7%
Postgraduate
4.3%
Born Overseas
17.4%
Dwellings
1,674
Transport to Work
Car dependency is acute: 92.3% drive to work, well above the national average, reflecting the Gippsland Lakes setting with limited public transport. Walking and cycling accounts for 3.2% of trips. No schools are recorded within the suburb boundary, so families use nearby towns. Crime totals 247 incidents at 67.9 per 1,000 residents, with justice procedure offences (91) and property offences (73) the top categories. The IRSAD decile of 3 places Paynesville below the national median for advantage. Assistance needs affect 10.6% of residents (374 people), higher than average nationally, consistent with the aged-62 median profile where health and mobility support requirements are elevated.
Drive
92.3%
Public Transport
N/A
Walk / Cycle
3.2%
Work from Home
N/A
Population Forecast
+1.49%/yr
(+107 people/yr)
EstablishedPopulation grew 24.6% over 10 years and is forecast to continue at 1.49% annually, adding around 107 residents per year. The medium projection reaches 7,900 by 2031, up from 7,190 in 2025, above most comparable regional VIC towns of this size. Internal migration at 108 net arrivals per year is the primary driver, supplemented by 21 overseas arrivals annually. Gentrification signals are early-stage: population is up 27% since 2011 and net internal migration is running positive. Affordability has worsened, with the housing-cost-to-income ratio rising from 47.9% in 2011 to 54.3% in 2021, and rent growth of 51.2% has outpaced real income growth of 8.5%.
Historical + Forecast
Hamilton-Perry + Holt smoothing on ERP 2001-2025
Age Cohort Forecast
Primary Driver
Internal Migration
Net Overseas / yr
+21
Net Internal / yr
+108
Gentrification Signal
Early signs
Population +27% since 2011, Net internal migration +108/yr
Safety & Crime
Total Offences
247
Year ending June 2024
Rate per 1,000 People
67.9
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 Paynesville compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Paynesville a good suburb to live in?
Paynesville suits retirees and lifestyle-seekers on the Gippsland Lakes. With 58.4% of residents owning their home outright and a median age of 62, it is a settled, low-turnover community. The IRSAD decile sits at 3, below the national median, and car dependency is high at 92.3%, so it suits those who are mobile and not reliant on urban services.
What is the median house price in Paynesville?
The median house price is $545,000 as of Apr-Jun 2024. Prices grew from $283,000 in 2013, a 92.6% increase over 14 years at a 4.8% annual rate. The 2022 peak was $565,000, so the current price sits 3.5% below that level. Monthly mortgage repayments average $1,225.
What schools are in Paynesville?
No schools are recorded inside the Paynesville suburb boundary in this dataset. With a median age of 62 and 55.3% of families being couples without children, school-aged residents are a relatively small share. Families with children rely on schools in nearby townships in the East Gippsland region.
Is Paynesville safe?
Recorded crime totals 247 incidents, giving a rate of 67.9 per 1,000 residents. The top categories are justice procedure offences (91 incidents) and property and deception offences (73 incidents). The IRSD decile of 4 places the suburb in the lower-advantage tier nationally, which typically correlates with somewhat higher crime rates than wealthier suburbs.
Is Paynesville good for property investment?
Investment fundamentals are modest. Weekly rent of $310 against a $545,000 median gives a gross yield near 2.9%, below typical investor targets. The 23.1% vacancy rate is a significant risk, driven by the seasonal holiday property segment. On the upside, prices grew 92.6% since 2013, population is growing at 1.49% per year, and rent growth of 51.2% over the decade has exceeded income growth of 8.5%.
How is Paynesville's population changing?
The suburb is growing at 1.49% per year, adding around 107 people annually. The medium forecast projects the SA2 population reaching 7,900 by 2031 from 7,190 in 2025. Internal migration is the primary driver at 108 net arrivals per year. The profile is aging, with the senior share rising 9.5 points over the decade, reinforcing the retirement-destination character.
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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