Princes Hill
At 0.43 square kilometres, Princes Hill packs 4,627 people per square kilometre into a suburb where 67.5% of residents hold university qualifications, which is 37.4 points above the national average. The suburb scores decile 10 on both IRSD and IRSAD, placing it among the most advantaged in Victoria, yet the median house price of $1,577,500 sits 32.9% below its own Jan-Mar 2024 peak of $2,350,000. Household income ranks at the 84.3rd percentile nationally. Unusually, 33.2% of residents walk or cycle to work, roughly 20 times higher than the suburb's 1.5% public transport use, pointing to a concentrated, walkable footprint rather than commuter dependence.
Population
2,005
Median Age
39.0
Household IncomeiMedian weekly household income (ABS Census)
$2,218/wk
DAs (12 months)iDevelopment Applications lodged in the past year
13
Median House
$1.6M
Apr-Jun 2024
The median house price of $1,577,500 in Apr-Jun 2024 represents a sharp 32.9% retreat from the peak of $2,350,000 reached in Jan-Mar 2024, though prices are still 29.7% above the $1,216,500 recorded in 2013, a compound annual growth rate of 1.9% over 14 years. Semi-detached dwellings dominate at 56.8% of stock, with only 14.1% being separate houses, so buyers competing for detached homes face particularly limited supply. Three-bedroom dwellings account for 37.0% of stock and two-bedroom 36.2%. Monthly mortgage repayments average $3,000, producing a mortgage-to-income ratio of 31.2%, above the standard 30% stress threshold even at an 84.3rd-percentile income level. Outright ownership at 37.5% exceeds mortgage holders at 18.1%, a sign of established, debt-free tenure rather than recent buyer churn.
For Buyers
The median house price of $1,577,500 in Apr-Jun 2024 represents a sharp 32.9% retreat from the peak of $2,350,000 reached in Jan-Mar 2024, though prices are still 29.7% above the $1,216,500 recorded in 2013, a compound annual growth rate of 1.9% over 14 years. Semi-detached dwellings dominate at 56.8% of stock, with only 14.1% being separate houses, so buyers competing for detached homes face particularly limited supply. Three-bedroom dwellings account for 37.0% of stock and two-bedroom 36.2%. Monthly mortgage repayments average $3,000, producing a mortgage-to-income ratio of 31.2%, above the standard 30% stress threshold even at an 84.3rd-percentile income level. Outright ownership at 37.5% exceeds mortgage holders at 18.1%, a sign of established, debt-free tenure rather than recent buyer churn.
For Investors
With 44.5% of residents renting and weekly rent at $462, Princes Hill offers a solid tenant base, though the gross yield against a $1,577,500 median is low. The 13.0% vacancy rate is elevated and warrants attention, suggesting some softness in apartment demand particularly given 28.6% of dwellings are apartments. Development activity is modest at 10 applications in 12 months, mostly heritage alterations, so new supply pressure is limited. Overseas migration drives the strongest demographic support, adding a net 240 residents per year to the broader SA2, compared to internal migration that removes 144 annually. Rent grew 28.8% over the period, outpacing the 1.9% CAGR for house prices, which compresses yields but shows rental demand holding up better than capital values.
Development Activity
Total DAs
13
Last 12 Months
13
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 Princes Hill iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
Princes Hill Secondary College
7-12 · 862 students
Demographics
The median age of 39 is 1.0 year below the national median, making Princes Hill slightly younger overall despite an aging trajectory where the senior share rose 4.3 points over the decade. University qualifications reach 67.5%, which is 37.4 percentage points above the national average, among the highest concentrations in Victoria. The suburb draws 22.9% of residents from overseas, 1.3 points above the national figure. Ancestry is predominantly Anglo-Celtic: English (680), Irish (375), Italian (269) and Scottish (266) are the top groups. Average household size is 2.2, which is 0.3 below the national figure, consistent with the high share of couples without children at 37.6% of families. The volunteering rate of 23.1% is notably high.
Age Distribution
Bedrooms
Dwelling Structure
14.1%
Houses
56.8%
Townhouse
28.6%
Apartment
Tenure
Tenure tilts heavily toward outright ownership and renting over mortgaged ownership: 37.5% own outright, 44.5% rent and only 18.1% carry a mortgage. This pattern is consistent with a suburb where long-held, paid-off dwellings predominate alongside a large transient rental cohort. The stock is predominantly semi-detached at 56.8%, with apartments at 28.6% and separate houses at just 14.1%, creating scarcity for buyers wanting a detached home. The median peaked at $2,350,000 in Jan-Mar 2024 before falling 32.9% to $1,577,500, which may indicate a correction after an exceptional cycle rather than structural decline. Prices are still 29.7% above the 2013 level of $1,216,500. Rent-to-income sits at 20.8%, below the 30% stress threshold, while mortgage-to-income at 31.2% crosses it.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$3,000
Rent / wk
$462
HH Size
2.2
Personal Income / wk
$1,156
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
13.0%
Unoccupied
127
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
20.8%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
31.2% stressed
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
37.6%
Couples, no children
1,300
Total families
Economy & Employment
Professional and technical industries lead local employment at 19.8% of workers (182 people), followed by Healthcare at 16.2% (149) and Education at 13.7% (126), a knowledge-sector trifecta that aligns with the 67.5% university qualification rate. By occupation, Professionals are the dominant group at 520, with Managers at 170 and Community and Personal roles at 108. Unemployment stands at 5.3%, modestly above a low-disadvantage baseline, while the full-time employment rate is 62.8% and participation is 61.8%. Real income grew 15.9% over the decade. Princes Hill ranks decile 10 on IRSAD and IEO, the top national advantage tier for socioeconomic conditions and education/occupation respectively, though the IER score of decile 4 is comparatively lower, reflecting the high renter share that depresses household wealth measures.
Unemployment
6.0%
Labour Force
6,259
Unemployed
377
Quarterly Trend
Source: SALM Dec-25
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
62.8%
Part-time
31.9%
Participation
61.8%
Employed
1,022
Occupations
Top Industries
University
67.5%
Postgraduate
26.6%
Born Overseas
22.9%
Dwellings
856
Transport to Work
Active transport use in Princes Hill is exceptional: 33.2% of residents walk or cycle to work, far above any Victorian average, while only 1.5% use public transport and 59.9% drive. This reflects the compact 0.43 square kilometre footprint and inner-city proximity more than infrastructure investment. No schools are recorded within the suburb boundary, so families depend on nearby schools in Carlton and North Carlton. Crime totals 292 incidents, producing a rate of 145.6 per 1,000 residents, above typical suburban norms, with property and deception offences the dominant category at 236 of 292 incidents. The suburb scores decile 10 on IRSAD nationally and the need-for-assistance rate is 3.8%, low for any age profile. Household income at the 84.3rd national percentile funds a high quality of life despite the dense urban footprint.
Drive
59.9%
Public Transport
1.5%
Walk / Cycle
33.2%
Work from Home
N/A
Population Forecast
-0.11%/yr
(-10 people/yr)
EstablishedPrinces Hill is losing population slowly: the annual trend is minus 0.11%, or about 10 persons per year, and the 10-year population change sits at minus 1.3%. The broader SA2 population of 8,678 remains below the pre-COVID level of 8,994 after a 7.8% dip, recovering only 4.7% from the 2020 low of 8,290. Medium forecasts project the SA2 shrinking to 8,584 by 2031, a modest but consistent contraction. Overseas migration at a net 240 residents per year is the only growth engine, offset by internal outflow of 144 annually. The gentrification score reads not gentrifying, which makes sense for a suburb already at decile 10 advantage with no lower rung to climb. Affordability improved from 50.0% in 2011 to 45.2% in 2021, a positive shift though prices remain high relative to state norms.
Historical + Forecast
Hamilton-Perry + Holt smoothing on ERP 2001-2025
Age Cohort Forecast
Primary Driver
Overseas Migration
Net Overseas / yr
+240
Net Internal / yr
-144
Gentrification Signal
Not gentrifying
Net internal outflow -144/yr, Strong overseas inflow +240/yr
Safety & Crime
Total Offences
292
Year ending June 2024
Rate per 1,000 People
145.6
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 Princes Hill compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Princes Hill a good suburb to live in?
Princes Hill ranks decile 10 nationally on IRSAD and IEO, the top advantage tier, with household incomes at the 84.3rd national percentile. University qualifications reach 67.5%, which is 37.4 points above the national average. The main considerations are a median house price of $1,577,500, a crime rate of 145.6 per 1,000 residents (driven by property offences), and no schools within the 0.43 square kilometre boundary.
What is the median house price in Princes Hill?
The median house price is $1,577,500 as of Apr-Jun 2024, down 32.9% from the Jan-Mar 2024 peak of $2,350,000. Prices are still 29.7% above the $1,216,500 recorded in 2013. Weekly rent averages $462 and monthly mortgage repayments average $3,000, giving a mortgage-to-income ratio of 31.2%, just above the stress threshold.
What schools are in Princes Hill?
No schools are recorded inside the 0.43 square kilometre Princes Hill boundary in this dataset. Families rely on schools in adjacent suburbs, particularly Carlton and North Carlton. Despite this, local residents hold among the highest university qualification rates in Victoria at 67.5%, which is 37.4 points above the national average.
Is Princes Hill safe?
Princes Hill recorded 292 total offences, producing a crime rate of 145.6 per 1,000 residents, which is elevated compared to lower-density Victorian suburbs. Property and deception offences account for 236 of those 292 incidents. Crimes against the person total 25 and drug offences 16. The suburb's IRSAD decile 10 ranking indicates low social disadvantage, which is a partial offset.
Is Princes Hill good for property investment?
Rental demand is solid with 44.5% of residents renting and weekly rent of $462, but the gross yield against a $1,577,500 median is low. The 13.0% vacancy rate is elevated, signalling some oversupply in the apartment segment (28.6% of dwellings). Rent grew 28.8% over the period, stronger than the 1.9% annual CAGR for prices over 14 years. Net overseas migration of 240 per year supports future demand.
How is Princes Hill's population changing?
Population is declining at minus 0.11% per year, or roughly 10 persons annually, with a 10-year change of minus 1.3%. The broader SA2 population of 8,678 remains below the pre-COVID peak of 8,994. Overseas migration adds a net 240 residents per year, but internal migration removes 144, leaving modest net contraction. Medium forecasts project the SA2 at 8,584 by 2031.
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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