Preston
Preston's defining contradiction: 52.4% of residents hold a university degree, 22 percentage points above the national average, yet the suburb carries a crime rate of 161.5 incidents per 1,000 residents that sits well above typical metro benchmarks. Prices tell its gentrification arc precisely, median houses have risen from $632,500 in 2013 to $1,266,500 today, a 100.2% gain over 14 years. Italian and Greek heritage is layered through High Street's shopfronts, now shared with younger professionals who have pulled the median age to 37, three years below the national figure.
Population
33,790
Median Age
37.0
Household IncomeiMedian weekly household income (ABS Census)
$1,844/wk
DAs (12 months)iDevelopment Applications lodged in the past year
84
Median House
$1.3M
Apr-Jun 2024
The median house price hit $1,266,500 in April-June 2024, doubling from 2013's trough of $632,500 at a 5.1% compound annual rate. Monthly mortgage repayments average $2,000, placing the mortgage-to-income ratio at 25%, below the 30% stress threshold. Semi-detached stock at 24.9% provides entry below the detached tier. Unlike Toorak's near-uniform mansion market, Preston's mix of Californian bungalows, period semis and post-war flats creates real price dispersion across the 3-bedroom majority (39.4% of dwellings).
For Buyers
The median house price hit $1,266,500 in April-June 2024, doubling from 2013's trough of $632,500 at a 5.1% compound annual rate. Monthly mortgage repayments average $2,000, placing the mortgage-to-income ratio at 25%, below the 30% stress threshold. Semi-detached stock at 24.9% provides entry below the detached tier. Unlike Toorak's near-uniform mansion market, Preston's mix of Californian bungalows, period semis and post-war flats creates real price dispersion across the 3-bedroom majority (39.4% of dwellings).
For Investors
With 41.2% of households renting and median weekly rent of $392, Preston generates reasonable yields relative to its price point, though the vacancy rate of 9.6% is elevated compared to Melbourne's inner-north average and warrants scrutiny. Development is active, at 63 planning applications in 12 months, mostly lot subdivisions, signalling continued densification. The high 52.4% graduate share and overseas-born rate 12.1 percentage points above national historically sustain rental demand, particularly for 2-bedroom stock (36% of dwellings).
Development Activity
Total DAs
133
Last 12 Months
84
YoY ChangeiYear-over-year change in DA lodgements
+223.1%
Avg DA CostiAverage estimated cost per DA in the past year
N/A
Monthly DA Lodgements
DA Categories
Schools in Preston iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
Bell Primary School
Prep-6 · 440 students
Newlands Primary School
Prep-6 · 437 students
Preston West Primary School
Prep-6 · 670 students
Preston South Primary School
Prep-6 · 397 students
Preston Primary School
Prep-6 · 646 students
Demographics
Preston's 33,790 residents average 37 years old, 3 years below the national median. The overseas-born share of 33.7% runs 12.1 percentage points above national, with Italian (4,294) and Greek (3,023) ancestry representing the longest-established cohorts, while Mandarin speakers (595) signal a newer wave. The university qualification rate of 52.4% exceeds the national average by 22.3 percentage points, consistent with proximity to RMIT and La Trobe. Household income sits at the 66.8th percentile nationally, a middle-income profile spanning established families and younger professionals.
Age Distribution
Bedrooms
Dwelling Structure
55.7%
Houses
24.9%
Townhouse
18.3%
Apartment
Tenure
Detached houses represent 55.7% of Preston's stock, semi-detached 24.9% and apartments 18.3%. Tenure splits roughly three ways: outright owners 27.9%, mortgaged 30.9%, renters 41.2%, a notably rental-heavy profile compared to Melbourne's outer suburbs. Prices compounded at 5.1% annually from $632,500 in 2013 to $1,266,500 in mid-2024. The rent-to-income ratio of 21.3% stays below the 30% stress threshold, suggesting current rents remain manageable relative to local incomes than in tighter inner suburbs.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$2,000
Rent / wk
$392
HH Size
2.4
Personal Income / wk
$872
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
9.6%
Unoccupied
1,457
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
21.3%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
25.0%
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
27.7%
Couples, no children
24,332
Total families
Economy & Employment
Healthcare leads employment at 16.9% of workers (2,334 residents), ahead of Education at 13.8% (1,913) and Professional/Technical services at 12.6% (1,748), a mix anchored by nearby hospitals and TAFE campuses. Professionals form the largest occupation group at 6,170, about 36% of the workforce, above the national share. Unemployment sits at 5.8%, above Melbourne's inner-suburb norm, consistent with structural barriers in a population 33.7% overseas-born. Full-time employment accounts for 63% of those working.
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
63.0%
Part-time
31.2%
Participation
63.1%
Employed
17,060
Occupations
Top Industries
University
52.4%
Postgraduate
15.2%
Born Overseas
33.7%
Dwellings
13,633
Transport to Work
Transport skews car-dependent: 78.2% drive, 7.5% use public transport, and 9.3% walk or cycle, the last figure above Melbourne's typical suburban share. Crime is the headline concern at 161.5 incidents per 1,000 residents, with 3,803 property and deception offences dominating. Schools partially offset this: Bell Primary (ICSEA 1165), Newlands Primary (1146) and Preston West Primary (1135, 670 students) all rank well above the national ICSEA median of 1000, as does Preston High School (ICSEA 1104, 1,275 students). Volunteering rate is 12.5%.
Drive
78.2%
Public Transport
7.5%
Walk / Cycle
9.3%
Work from Home
N/A
Safety & Crime
Total Offences
5,458
Year ending June 2024
Rate per 1,000 People
161.5
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 Preston compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Preston a good suburb to live in?
Preston suits degree-educated professionals and families, with 52.4% of residents holding qualifications and government primary school ICSEAs above 1100. The main trade-off is a crime rate of 161.5 incidents per 1,000 residents, driven mostly by property offences. At a $1,266,500 median, the mortgage-to-income ratio of 25% stays below the 30% stress threshold.
What is the median house price in Preston?
The median house price in Preston was $1,266,500 in the April-June 2024 quarter, the current all-time peak. This represents a 100.2% gain from the 2013 trough of $632,500, a compound annual growth rate of 5.1% over 14 years. Semi-detached and apartment stock trades at a discount to detached houses, providing additional entry points.
What schools are in Preston?
Preston has 10 schools. Bell Primary (ICSEA 1165), Newlands Primary (ICSEA 1146) and Preston West Primary (ICSEA 1135, 670 students) lead the government primaries. Preston High School (ICSEA 1104, 1,275 students) is the main government secondary. St John's College Preston (ICSEA 1066) and Northern College of the Arts and Technology (ICSEA 1060) offer independent options.
Is Preston safe?
Preston recorded 5,458 crimes in the latest year, a rate of 161.5 per 1,000 residents, above Melbourne's middle-ring average. Property and deception offences account for 3,803 incidents; crimes against the person total 556. Compared to inner-city Fitzroy or Collingwood, Preston's rate is elevated; compared to CBD-fringe areas, it is broadly similar.
Is Preston good for property investment?
Preston's 41.2% renting population and median weekly rent of $392 support rental demand, though the vacancy rate of 9.6% is above Melbourne's inner-north norm and should be factored into yield projections. The 5.1% CAGR since 2013 is solid. With 63 development applications in 12 months, medium-density supply is increasing over the next 2-3 years.
How is Preston's population changing?
Preston's population of 33,790 is growing primarily through densification, with 63 planning permits in the past year. The suburb is 3 years younger than the national median and the overseas-born share runs 12.1 percentage points above national, making migration the main growth driver. A 74% residential stability rate means growth is additive rather than replacement-led.
What languages are spoken in Preston?
With 33.7% born overseas, Preston has notable linguistic diversity. Greek (920 speakers) and Italian (673) reflect Southern European heritage, while Mandarin (595), Arabic (368) and Macedonian (288) represent newer arrivals. English remains the dominant household language for most residents.
Is there much development activity in Preston?
Yes, Preston recorded 63 planning applications in the past 12 months, primarily 2-3 lot subdivisions. This level of activity signals active residential infill and indicates further medium-density supply over the coming 2-3 years across the suburb's existing street grid.
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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