Fitzroy VIC 3065 · 2.5 km from Melbourne CBD
This is a unit in Fitzroy, on Neighbourhood Residential Zone land. An established, premium inner-melbourne suburb. Suburb-wide figures below are area context, not a valuation of this specific property.
On fundamentals the suburb looks 27% underpriced versus comparable areas — a genuine value signal though the flip side is a large new-housing pipeline that can hold price growth back.
Check the planning flags below carefully — this parcel carries 1 higher-priority overlay control that can affect what you build, cost to build, or the title itself.
A plain-English synthesis of the data below — not financial advice. Every figure is explained and sourced in its section.
The green outline is the whole parcel this address sits within (Vicmap Property) — for a unit or shared site, you own part of it, not the entire block.
What you're actually buying — a unit within a larger parcel, not the land itself.
The address sits on a ~102 m² parcel, but as a unit you buy a subdivided/strata lot within it — typically your dwelling plus a share of common property (driveways, gardens, walls), governed by an Owners Corporation with its own fees and rules. So the whole-parcel land size and land value don't apply to you. What matters instead: the Owners Corporation budget, sinking fund, special levies and by-laws (all in the Section 32), your car space and storage, and the building's condition — none of which public data shows. Prioritise these with your conveyancer.
Lot/plan: 1\PS407627 · Parcel ID (PFI): 3095928
The most restrictive residential zone — used to protect an area's existing character (garden setting, tree canopy, lower density). Subdivision and multi-dwelling development are deliberately limited compared to GRZ.
Good for buyers who want the area to stay low-density. Poor for anyone hoping to subdivide or add a second dwelling — that's harder here by design.
The exact numeric controls (height limits, setbacks, garden-area requirements and minimum lot size) are set by Yarra City Council's specific schedule to this zone, which this report does not reproduce — confirm via VicPlan or Yarra City Council before relying on any development assumption.
Every gazetted zoning or overlay change recorded on this exact parcel, sourced from Vicmap Planning Scheme History.
Overlays add extra controls on top of the base zone — heritage, flood, bushfire, design and acquisition reservations all work this way.
Protects a place, building or precinct of recognised heritage significance. External changes, demolition and sometimes even internal works need a heritage permit.
Why it matters: Can materially restrict renovation, extension or demolition. Always check the specific heritage citation for what's actually protected (the whole building, or just the street-facing facade) before assuming a full rebuild is possible.
The full upfront cost — not just the price — plus the first-home-buyer savings that actually apply at this price point, and the income needed to service a loan.
| Purchase price (suburb median unit) | $867,000 |
| Stamp duty — standard buyer | $47,090 |
| Stamp duty — eligible first-home buyer | $47,090 (concession) |
| First Home Owner Grant (new build) | — |
| Conveyancing / legal (typical) | $1,500 |
| Building & pest inspection (typical) | $600 |
| Loan setup & settlement (typical) | $800 |
| Upfront cost on top of deposit — standard buyer | $49,990 |
| Upfront cost on top of deposit — first-home buyer | $49,990 |
| Scenario | Deposit | Loan | Repayment | Insurance |
|---|---|---|---|---|
| 20% deposit (avoids LMI) | $173,400 | $693,600 | $4,248/mo | No LMI |
| 10% deposit | $86,700 | $780,300 | $4,779/mo | LMI likely |
| 5% deposit (First Home Guarantee) | $43,350 | $823,650 | $5,045/mo | LMI likely |
At the median unit price, this is a serious stretch. A typical local household earns $114,088/year (Census); to service an 80% loan comfortably (repayments ≤30% of income) you'd want roughly $169,923 in gross household income. Repayments shown assume a 6.2% owner-occupier rate over 30 years — check current rates.
Stamp duty, the first-home-buyer exemption (≤$600k) / concession ($600k–$750k) and the $10,000 First Home Owner Grant (new homes ≤$750k) use current Victorian State Revenue Office rules — indicative only. Confirm your position with the SRO calculator and your lender. Third-party costs are typical market ranges.
The two numbers investors actually weigh: rental yield (income now) and capital-growth track record (upside later), plus a fundamentals-based fair-value check and the forward supply that shapes both.
Based on the suburb's median unit price against real bond-lodged rents for the Fitzroy rental region (thousands of active bonds, so a reliable signal). This is a gross figure — before council rates, insurance, management, maintenance and any vacancy — and uses the area median, not this specific unit's likely rent. Inner suburbs like this typically yield less than the outer ring, with the case resting more on capital growth and scarcity than rental income.
| Dwelling | Median rent | Gross yield | Active bonds |
|---|---|---|---|
| 1 Bedroom Flat | $528/wk | 3.2% | 204 |
| 2 Bedroom Flat | $750/wk | 4.5% | 223 |
| 3 Bedroom Flat | $1,175/wk | 7.0% | 32 |
Rents: DFFH bond lodgements, Fitzroy rental region, latest quarter.
The median unit price moved from $570,500 (2013) to $767,500 (2024) — a compound growth rate of about 2.7% a year over 11 years. Past performance isn't a forecast especially with the large forward supply pipeline.
| Type | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| House | $1,625,000 | $1,450,000 | $1,400,000 | $1,400,000 | $1,520,000 | $1,502,500 | $1,530,000 | $1,750,000 |
| Unit | $701,000 | $720,000 | $750,000 | $770,000 | $874,000 | $801,000 | $825,000 | $767,500 |
62 dwellings approved for construction in Fitzroy over the most recent 12 months of ABS data. Heavy forward supply is the key caution on capital growth here — more competing new stock than in established, land-constrained suburbs.
Distances to transport and everyday amenities, plus how people here actually commute.
You're about 2 km from the CBD. Most residents drive (17% commute by car); only 1% take the train, and 48% work from home — high, and a big part of how this distance is made livable. The nearest station is a drive or bus ride from here, so factor parking or a feeder bus into a rail commute. Realistically plan for a car-dependent lifestyle this far out.
Zoned schools are the government school(s) this address has a guaranteed enrolment right to, per the Victorian school-zone boundaries — always confirm current boundaries with the Department of Education before relying on this.
Recorded criminal incidents from the Crime Statistics Agency, turned into the question buyers actually ask: is this a safe part of town, relative to nearby suburbs?
Fitzroy ranks 2 of 9 nearby suburbs by crime rate (1 = highest). It has a lower recorded offence rate than nearby Collingwood. Crime rate is incidents divided by population, so it fairly compares suburbs of different sizes.
← safer · higher crime →
Property offences dominate (70%) — theft, burglary, criminal damage — the usual pattern in most suburbs, rather than crimes against people. This mix is council-wide, the most local breakdown published.
Suburb-level context (ABS Census 2021 + Victoria in Future 2036 forecasts) — applies to the whole suburb, not just this address.
Fitzroy is mixed-age, made up of smaller households and quite multicultural — median age 35, average household 2.0 people, 40% born overseas with 23% speaking a language other than English at home. It's largely renter-occupied (38% owners · 59% renters), and fast-changing — 25% of residents moved in within the last year, typical of a growth area still filling out.
10,431
2021 Census
+42%
population, Vic. in Future
35
2.0
people per household
40%
69%
of residents 15+
38%
· 59% renters
4.5%
2021 Census
48%
vs 1% commute by train
4/10
socio-economic advantage, relative to all Australia
State-government infrastructure projects (Victorian Budget infrastructure pipeline) located near this address.
The signals worth weighing, ranked — each links to the section that explains it in full.
No standout opportunity signals from the datasets this report checks.
Upload it for a free plain-English review — we check what the vendor statement discloses against the public record you've just read above.
A due-diligence checklist tailored to what this report found — and, just as importantly, to what it could NOT check.
Built entirely from free, public Victorian & Commonwealth datasets: Vicmap Planning (zones, overlays & gazetted history), ABS Census 2021, ABS building approvals, VGV property sales, DFFH Rental Report (bond lodgements), ATO taxation statistics, PTV/GTFS stops, Victorian school locations & zones, Crime Statistics Agency, Victoria in Future projections, and the Victorian Budget infrastructure pipeline. Stamp duty & grant figures use current State Revenue Office rules (indicative). Not a valuation, not legal or financial advice.