Prahran, a vibrant and cosmopolitan suburb of Melbourne, Victoria, is situated approximately 5 km southeast of Melbourne’s Central Business District within the City of Stonnington. Known for its stylish bars, restaurants, and shops, Prahran is a hub of activity and urban culture.
Table of Contents
Demographic Profile
- Population: Home to a diverse mix of residents, including young professionals, families, and a thriving arts community. According to the 2021 census, the population of Prahran is 12,203.
- Predominant Age Group: The suburb is particularly popular among the 20-39 age group.
- Median Household Income: Reflects a diverse socio-economic range, with pockets of both affluence and modesty.
- Occupancy: A mix of property owners and renters, with a significant proportion of apartment living.
Real Estate and Growth
- Median House Prices: Prahran’s median house price is approximately AUD 1,600,000.
- Median Unit Prices: The median price for units is around AUD 600,000.
- Rental Market: The median rent is about AUD 450 per week for units, while houses can fetch higher rental prices depending on size and location.
- Market Trends: The suburb has experienced consistent growth and is famous for its lifestyle offerings and proximity to the city.
Education and Lifestyle
- Schools: Prahran is home to several reputable educational institutions catering to various educational needs.
- Local Vibe: Known for its vibrant nightlife, trendy cafes, and eclectic shopping options, especially along Chapel Street.
- Community Insights: Residents love the suburb for its lively atmosphere, cultural diversity, and excellent amenities.
Transportation
- Public Transport: Prahran enjoys excellent public transport options, including Prahran railway station and extensive tram routes.
Notable Features
- Proximity to City Centre: Its proximity to Melbourne’s CBD makes it a preferred location for professionals and students.
- Recreational Areas: The suburb boasts several parks and recreational facilities, such as the famous Princes Gardens.
- Cultural Hotspots: Prahran is known for its thriving arts scene, with numerous galleries, live music venues, and cultural events.
Prahran is a dynamic and diverse suburb that offers a blend of urban chic and residential comfort. Its bustling streets, lined with fashionable boutiques, diverse dining options, and lively entertainment venues, make it one of Melbourne’s most exciting and desirable places to live. The suburb’s real estate market is robust, reflecting its popularity and the lifestyle it offers to its residents.
