East Melbourne vs Paraparap
Property investment comparison - East Melbourne, VIC 3002 vs Paraparap, VIC 3240
Head-to-head across core investment metrics: East Melbourne wins 4, Paraparap wins 0. The better choice depends on whether you're optimising for cash flow, growth, affordability, or liquidity, the table below highlights the winner on each metric.
| Metric | East Melbourne | Paraparap |
|---|---|---|
| Median house price | $3.0M | $3.2M |
| Median unit price | $720K | $780K |
| Gross rental yield (houses) | 2.15% | - |
| Gross rental yield (units) | 4.20% | 3.96% |
| 1-year house growth | +1.6% | - |
| 3-year house growth | +1.3% | - |
| Vacancy rate | 1.1% | 6.4% |
| Population | 4,896 | 167 |
East Melbourne vs Paraparap: what the numbers say
The median house price is $3.0M in East Melbourne and $3.2M in Paraparap, so East Melbourne is the cheaper entry point, with Paraparap houses about 6% dearer.
For units, East Melbourne sits at a median of $720K against $780K in Paraparap, which makes East Melbourne the more affordable unit market and Paraparap the pricier one.
Rental vacancy is 1.1% in East Melbourne and 6.4% in Paraparap, so landlords in East Melbourne face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.
East Melbourne is the bigger suburb, with a population of 4,896 against 167, roughly 29 times the size of Paraparap; a larger suburb usually means a deeper pool of buyers and tenants.
In short: East Melbourne for a lower purchase price, East Melbourne for the tighter rental market. Which matters more depends on whether the investor is buying for cash flow, capital growth or affordability.
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East Melbourne, VIC 3002
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