Melbourne Flemington Suburb Profile
Melbourne has recently been voted the world’s most liveable city for the fourth year in a row, edging out Toronto, Vienna and Vancouver. Melbourne is Australia’s second largest city in terms of population and economic activity. Flemington is just 4km away from the Melbourne CBD and it offers a high level of residential amenity and good rental market.
- Strong Yields
Rental yield of 4.7% for apartments in Flemington and 64% of people rent their home
- Competitive Entry Prices
Median apartment price of $325,000 compared to City of Melbourne’s $505,000
- Close to the CBD
Located 4 km from the CBD and next to the Parkville Employment Cluster
- Residential amenity
High level of residential amenity with Flemington being a 20 minute suburb
- White collar workers
The number of managers and professionals in Flemington have increased by 19.5% over 10 years
- Educated People
The number of residents with tertiary education have increased by 38.9% over 10 years
Accessibility and Walkability
- Flemington is world famous as the home of the Flemington Racecourse and the Melbourne Showgrounds. Home to major events like the Melbourne Cup and the Royal Melbourne Show.
- It is well connected and supported by public transport – road, rail and tram. Tram No.57 running down Epson Road to Highpoint shopping, Footscray Fresh Food market and the CBD. Newmarket Station is 11 minutes from the CBD by train, and Melbourne Airport is just 16 minutes away via CityLink.
- Shopping and other entertainment activities are well provided for with the Flemington Road Activity Centre and Coles Village at the showgrounds. Highpoint, Australia’s 3rd largest shopping centre, has 500 retail stores.
- It sits on the eastern bank of the Maribyrnong River and has access to the historic Melbourne parks like Princes Park and Royal Park
- It has access to all three Urbis Fundamentals that make a sustainable suburb – Population, Infrastructure and Employment.
- Residents are close to major employment centres of the CBD and Parkville.
Next to Employment Cluster
Flemington is located next to the Parkville Employment Cluster. The Parkville Employment Cluster is one of Australia’s prominent locations for new economy jobs.
Industries represented in the employment cluster include: Powerhouse for education, medical, research and technology.
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:
- 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
- Royal Women’s Hospital
- Royal Children’s Hospital
Over 32,000 people work in this cluster and is likely to grow due to the large and recent investments made in the area. With this comes the need for accommodation for people who work, study and want to live nearby.
To further support the growth of this cluster there are plans for a new rail tunnel running from the CBD through Parkville. This tunnel, as well as the new metro system generally will increase transport connections and carrying capacity to the area.
Flemington is a fast growing inner city suburb. Over the past 10 years it has grown by 1% per annum, all this while there has been relatively little development of dwellings. Over the next 10 years Flemington’s population is expected to grow on average at 1.4% per annum to 9,200 in 2022.
The majority of people moving to Flemington are choosing to live in apartments. Furthermore, over 64% of households in Flemington rent their accommodation making for a thick rental market. In general, it is a home to a group of people with higher levels of education, typically younger and typically in white collar employment.