Melbourne · 3051
North Melbourne, VIC
incomes +21.0% (5y), population +7.8% (5y).
NextSuburb scoreTier C
40Below trend
Median house
$895k
5y growth
-8.2%/yr
Gross yield
2.2%
Vacancy
1.8%
Late-cycle holdHigh confidence
Eight-signal breakdown
Each signal scored 0–100 against the national distribution. Bars reflect how this suburb sits across the index.
- Capital growth (5y)-8.2%/yr0/100
- Population growth+7.8% (5y)78/100
- Supply tightening-4.0% YoY70/100
- Rental yield2.2%44/100
- Rental demand1.8% vacancy55/100
- Income growth+21.0% (5y)84/100
- Construction pipeline$0.1bn nearby2/100
- Affordability40% under cap40/100
Why this score
North Melbourne scores 40/100 (Below trend). The two strongest signals: 21.0% income growth and 7.8% population growth over five years. The standout watch-out: gross yield of 2.2% leaves modest cashflow.
Drivers
- Income growth+21.0% (5y)
- Population growth+7.8% (5y)
- Supply tightening-4.0% YoY
Risks
- Thin gross yield (2.2%)
- Modest 5y growth (-8.2%/yr)
Nearest infrastructure
Metro Tunnel — Parkville Station1.8 km away
Recently completed · $13.5bn · completion 2025
Construction-stage projects within 10 km lift the suburb’s infrastructure score; projects more than 25 km away barely move it.
Comparable suburbs
Three VIC suburbs in the same budget band with the closest NextSuburb scores.
See the full VIC ranking60-month score history
Backfilled — live history begins May 2026Watch this suburb
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