Parkville

Parkville, located just 3 km north of Melbourne’s Central Business District, falls within the City of Melbourne. Known for its extensive parklands, leafy residential areas, and prestigious medical and research institutions, Parkville is a blend of heritage charm and modern sophistication.

Demographic Profile

• Population: According to the 2021 census, Parkville had a population of 7,074, reflecting a vibrant and diverse community.
• Predominant Age Group: The suburb attracts a range of residents, including students, professionals, and families, with a noticeable presence of the 18-29 age group, largely due to the proximity of major universities.
• Median Household Income: Generally high, given the suburb’s affluent nature and the profile of its residents.
• Occupancy: A mix of homeownership and rental properties, with many students and university staff living in rental accommodations.

Real Estate and Growth

• Median House Prices: Parkville’s median house price is around AUD 1,600,000, reflecting its prime location and the heritage value of many of its properties.
• Median Unit Prices: Units, including apartments and townhouses, have a median price of approximately AUD 800,000.
• Rental Market: The median house rent is about AUD 650 per week, while units average around AUD 450 per week.
• Market Trends: Parkville’s real estate market is characterized by stable growth, driven by its unique blend of residential, educational, and recreational spaces.

Education and Lifestyle

• Schools: The suburb is close to some of Melbourne’s top educational institutions, including the University of Melbourne and RMIT University.
• Local Vibe: Parkville is renowned for its tranquil streets, historic homes, and expansive green spaces, offering a peaceful retreat from the urban bustle.
• Community Insights: Residents appreciate the suburb’s blend of natural beauty, heritage architecture, and convenient location near the city centre.

Transportation

• Public Transport: Well-served by trams and buses, offering easy access to the CBD and surrounding suburbs. Upon completion, the Parkville Metro Station will further enhance connectivity.
• Accessibility: Strategically located near major arterial roads, providing efficient travel within and outside the metropolitan area.

Notable Features

• Proximity to Educational and Medical Institutions: Home to the University of Melbourne, Royal Melbourne Hospital, and the Royal Children’s Hospital, making it a hub for education and healthcare.
• Recreational Areas: Renowned for its parklands, including the Royal Park, Melbourne Zoo, and Princes Park, offering vast spaces for leisure and outdoor activities.

Parkville is a prestigious and leafy suburb cherished for its significant educational and medical institutions, historical homes, and abundant parklands. Its proximity to the CBD and the serenity of its residential streets make it a highly sought-after location for a diverse range of residents.