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Melville Forest, VIC 3315
Suburb profile: median house and unit prices, rental yield, capital growth, vacancy and demographics
Data updated
Median House
$575,000
Median Unit
$145,000
list-price estimate
Gross Yield (houses)
3.9%
1yr Growth
-
Investment snapshot for Melville Forest
Melville Forest has enough public data for first-pass screening across yield, vacancy, price and supply signals.
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Melville Forest market and investor summary
In Melville Forest, VIC 3315, the median house sells for around $575K, on a gross rental yield of 3.9% for houses. At 1.4% vacancy, it is a tight rental market that favours landlords.
For an investor, the rent-to-price profile sits mid-range: a gross house yield near 3.9% is neither a standout cashflow play nor a pure growth bet. Houses also take time to sell, around 71 days on market, so plan for a slower exit if you ever need one.
Living in Melville Forest: people, income and schools
About 63 people live in Melville Forest, a number that has held fairly steady over five years. At a median age of 54, it reads as an older, established demographic, and 71% of homes are owner-occupied.
The typical household income runs to around $56,000 a year (about $1,070 a week). On socio-economic measures it ranks around the national middle on the ABS advantage index (4 out of 10). At current prices a median house runs to a steep 10.4 times local household income, so affordability is a genuine constraint on local buyers. Incomes have risen about 28% over five years, which tends to underpin what local buyers can pay.
Fixed broadband is delivered over the NBN's Fixed Wireless.
- Population
- 63
- -0% over 5yr
- Median age
- 54 years
- Median household income
- $56,000/yr
- Households renting
- 29%
- Family households
- 78%
- Socio-economic rank
- 4/10
- ABS advantage index
- Unemployment
- 2.1%
Demographic, school and socio-economic figures are sourced from the ABS Census, SEIFA and ACARA. Property metrics reflect PropRadar's latest data.
Properties in Melville Forest
No properties currently listed in Melville Forest
Search Melville Forest listings →Frequently asked questions about Melville Forest
What should I check before investing in Melville Forest?
Melville Forest has enough public data for first-pass screening across yield, vacancy, price and supply signals. Tight rental market (1.4% vacancy) gives landlords pricing power and low rental downtime. Compare those signals with nearby suburbs and individual listings before relying on the suburb-level view.
What are typical property prices in Melville Forest?
The median property price in Melville Forest, VIC 3315 is $575K for houses.
What rental yield does Melville Forest show?
The gross rental yield in Melville Forest is 3.9% for houses. Gross yield is calculated as annual rent divided by property price, and it doesn't account for expenses or tax.
How tight is the rental market in Melville Forest?
The current vacancy rate in Melville Forest is 1.4%. A rate under 2% generally signals a tight rental market. This suburb's rental market is very tight, with landlords typically holding strong bargaining power and low rental downtime.
How many people live in Melville Forest?
Melville Forest has a population of approximately 63 residents, with a median age of 54.
Is Melville Forest affordable to buy in?
A median house in Melville Forest costs about 10.4 times the median local household income (a high multiple that makes the suburb a stretch for median local earners). The ratio compares the median house price with annual household income; it is a rough affordability gauge, not a substitute for your own borrowing assessment.
Is Melville Forest's population growing?
The population of Melville Forest has held roughly flat over five years. Population growth feeds underlying housing demand, so it is worth weighing alongside price and yield.
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