Melbourne Parkville Suburb Profile
1. Desirable location
Located 4km from the thriving Melbourne CBD, connected to world-class universities, sporting venues, arts and entertainment. All accessible via tram and train networks that transport you to neighbouring Melbourne, Brunswick and Carlton in minutes.
Parkville has 15 parks covering nearly 44% of total area, these landscaped parks provide a green corridor to Royal Park which incorporates 170,000ha and provides a new bio-diverse habitat and ample opportunities for recreation.
In a recent survey ranking Melbourne’s most liveable suburbs, Parkville, the green oasis of the inner north ranked 7th out of 314 Melbourne suburbs (The Age Newspaper).
2. Accessible Amenities
- Shopping – Nearby shopping centres include Union Square & Barkly Square. Highpoint, Australia’s 3rd largest shopping centre, has 500 retail stores.
- Restaurants – Hundreds of quality restaurants within 10 mins
- University of Melbourne – International rankings of world universities place Melbourne University as number 1 in Australia and number 34 in the world (Times Higher Education World University Rankings 2013-2014)
- Convenient transport – Trams, Trains, Buses within close by. The local 505 bus operates regularly from early to late transporting students directly to Melbourne university in 8 mins. Melbourne airport is just 15 mins via City Link.
3. Future Insfrastructure
- Property values are seen to reveal a direct correlation with major infrastructure spending. For example, EastLink suburbs have grown by more than 25% .
- East West Link – In May 2014 the Victorian Government announced the $8-10 billion Western Section to link the Eastern Freeway through to the Western Ring Road Plan Melbourne 2050.
4. Planned Growth
Parkville has been identified as one of 6 suburbs as a national employment cluster as part of Plan Melbourne 2050.
Industries represented in the employment cluster include; Research and Development, Education and Health Services. Over 32,000 people are currently employed in the cluster with this likely to grow significantly into the future due to the large and recent investments made in the area.
The two universities (RMIT University and the University of Melbourne) along with the State and Federal governments have already significantly invested in the area with the following projects:
- Royal Women’s Hospital
- Royal Children’s Hospital
- University of Melbourne: Victorian Comprehensive Cancer Clinic
- University of Melbourne: Doherty Institute Building
- University of Melbourne: Building and Planning Building
- RMIT University: Swanston Street Building
- RMIT University: Design Hub
5. Area Demographics
The population of Parkville in 2006 was 4,981 people. By 2011 the population was 6,182 showing a population growth of 24% in the area during that time. The predominant age group in Parkville is 15-24 years. Households in Parkville are primarily childless couples and are likely to be repaying between $1800 – $2400 per month on their mortgage. In general, people in Parkville work in a Professional occupation. In 2006, 37.0% of the homes in Parkville were owner-occupied compared with 39.1% in 2011. Currently the median sales price of houses in the area is $1,348,000.
“Parkville is one of the city’s blue ribbon suburbs and given the proximity to the CBD it will remain a good, but hard to buy into suburb”. Robert Larocca, Real Estate Institute of Victoria.