Preston house prices & rent trends — the risks to check before you buy
Preston is a suburb with a fairly mixed age profile — median age 37, around the state average on the ABS's SEIFA index of socio-economic advantage. Housing is mixed, with a notable share of townhouses (around 25%) alongside houses. The area is dense with cafés, shops and everyday amenity. It's close to the city and well served by both train and tram. The median house price sits at $1,250,000. Worth weighing against who lives here and how the area is set up, before you look at the planning and risk checks below for a specific property in Preston.
Ready to look at a specific property here? See the due diligence hub for what to verify before you sign.
Delora's modelled price context for Preston
How Preston's current median compares with what Delora's hedonic model estimates from the suburb's own fundamentals — separate from the official-record figures below, and not a valuation of any individual property.
Modelled 15% below its estimated fundamentals
current median
modelled fundamentals estimate
Historically, suburbs trading below their modelled fundamentals have more often than not gone on to beat the metro median — but a substantial minority haven't, so read this as a reason to look closer, not a prediction. Even on the more cautious end of the model's uncertainty range, Preston still models at least 8% below its estimated fundamentals.
This is a suburb-level model, not a valuation of any individual property, and not investment advice — see the methodology below.
Suburbs with the largest modelled gap → What drives this price? → Why do estimates never agree? → Checking a specific listing's price →
See what's driving that number (methodology)
This model compares Preston with a typical Greater Melbourne suburb on the things buyers actually care about — location, transport, schools, incomes and risk — then estimates a dollar figure for the difference. These are the factors contributing most to the estimate above. The model carries genuine uncertainty (see the range noted above) and describes the suburb, not any specific property in it.
Suburb boundary with planning overlays — toggle them top-right. Map © OpenStreetMap, © CARTO; overlays © Vicmap Planning.
Preston by the numbers
Deciles 1–10 vs all Victorian areas — 10 = most advantaged — from the ABS SEIFA index. A demographic measure, not a house-price one. These three don’t always move together — a suburb with lots of renters or students, for example, can score high on education but lower on income and housing costs.
Mix of dwelling types across the suburb (Census 2021)
Who owns and rents here (Census 2021)
More detail on building height and bedroom mix (Census 2021)
Apartment building height (share of all dwellings in the suburb, not just apartments):
- Low-rise (1–2 storeys): 3%
- Mid-rise (3–8 storeys): 13%
- High-rise (9+ storeys): 2%
Bedroom mix (share of all occupied dwellings):
- Studio or 1 bedroom: 10%
- 2 bedrooms: 36%
- 3 bedrooms: 39%
- 4 or more bedrooms: 15%
Not sure whether a house, townhouse or apartment suits you? Decide what to buy →
Land use across the suburb (planning zones)
Planning overlays that can affect building, renovating or removing vegetation somewhere in Preston — confirm whether any apply to the specific address.
- Design & Development Overlay — height, setback or design rules on new building
- Significant Landscape Overlay — controls to protect the area’s landscape character
- Environmental Significance Overlay — environmental values that constrain development
- Development-contributions levy — new development pays an infrastructure contribution
Overlay colours reflect how much of the suburb an overlay covers — green under ~8%, amber ~8–20%, red above 20%. Public-acquisition, contamination (EAO) and floodway overlays are flagged (below) wherever they apply, because even a small area can include a specific property.
Recorded crime is a council-wide rate — every offence police logged over the latest year (theft, property damage, drug and traffic offences and the like, not only violent crime) divided by the council’s residents. A broad area signal, not a figure for this exact street.
All figures are suburb-level indicators, not property-specific — always confirm the exact address on the Section 32. Sources: ABS Census 2021, Valuer-General Victoria, DFFH Rental Report, Crime Statistics Agency Victoria, Vicmap Planning, Victorian Government UDP, Victorian Department of Education (schools & zones, via data.vic, CC BY 4.0), OpenStreetMap. What do these terms mean?
How Preston compares
Where Preston ranks against other suburbs on the measures buyers ask about — a higher bar isn’t always “better”, it’s just where this suburb sits.
Prices & rents over time
How Preston’s market has moved — up to 12 years of sale prices and 20+ years of rents.
| Year | Houses | Units |
|---|---|---|
| 2024 | $1,185,000 | $610,000 |
| 2023 | $1,150,000 | $575,500 |
| 2022 | $1,160,000 | $612,500 |
| 2021 | $1,251,000 | $620,000 |
| 2020 | $1,026,000 | $550,000 |
| 2019 | $940,000 | $500,000 |
| 2018 | $980,000 | $500,000 |
| 2017 | $996,000 | $450,000 |
| 2016 | $882,000 | $455,000 |
| 2015 | $791,000 | $450,000 |
| 2014 | $690,000 | $440,000 |
| 2013 | $632,500 | $425,000 |
| Year | Median rent |
|---|---|
| 2025 | $560/wk |
| 2024 | $520/wk |
| 2023 | $480/wk |
| 2022 | $420/wk |
| 2021 | $400/wk |
| 2020 | $425/wk |
| 2019 | $420/wk |
| 2018 | $420/wk |
| 2017 | $400/wk |
| 2016 | $380/wk |
| 2015 | $370/wk |
| 2014 | $368/wk |
| 2013 | $355/wk |
| 2012 | $350/wk |
| 2011 | $350/wk |
| 2010 | $340/wk |
| 2009 | $320/wk |
| 2008 | $295/wk |
| 2007 | $250/wk |
| 2006 | $220/wk |
| 2005 | $210/wk |
| 2004 | $200/wk |
| 2003 | $195/wk |
| 2002 | $190/wk |
| 2001 | $180/wk |
| 2000 | $170/wk |
New development pipeline
Major residential redevelopment tracked by the Victorian Government (UDP 2025) — infill and apartment/townhouse sites, not greenfield house-and-land estates.
Planning changes in Preston
Planning controls on land in Preston have changed since 2017. Each row below is one gazetted amendment — a batch of parcels changed together in the same notice, not a single lot — the kind of thing that moves land value and that portals don’t show.
Source: Vicmap Planning Scheme History (2017–present); parcel-level zone & overlay changes grouped by suburb, zone transition and gazettal batch. A suburb-level record — confirm the specific parcel. See how Melbourne’s zoning changed over the decade →
Schools
Parts of Preston fall within 10 primary and 4 secondary government school catchments. 12 schools are located within the suburb (8 government, 2 Catholic, 2 independent).
Government schools have address-based catchment zones; Catholic and independent schools set their own enrolment processes.
What to check before you buy in Preston
Preston has relatively light heritage-overlay coverage (about 8%), though it can still apply to individual parcels. Parts of the suburb (about 7%) sit under flood-related overlays. The specific things worth confirming here, plus the two every buyer should check.
Public Acquisition Overlay
Part of Preston is reserved for a future public work (e.g. a road or rail project) under a Public Acquisition Overlay — land it covers can be compulsorily acquired by the authority. Check whether this specific property is affected before you commit.
Potentially contaminated land (EAO)
An Environmental Audit Overlay applies to part of Preston — usually former industrial or commercial land. A satisfactory environmental audit can be required before it’s used for a home; confirm whether the property sits within it.
Large apartment pipeline
About 3,656 new apartments are in the development pipeline across Preston. A big incoming supply of similar stock can weigh on unit prices and rents — scrutinise the building’s owners-corporation and how it compares with the other new projects nearby.
Possible Heritage Overlay
Around 8% of Preston is heritage-overlaid. Verify whether this parcel is affected — it limits what you can change and adds permit steps to any renovation.
Check for a flood overlay
Parts of Preston (~7%) sit under flood-related overlays. Confirm whether this address is affected.
Easements & covenants
Check Section 3 for easements (e.g. drainage/sewer along a boundary — you usually can’t build over them) and restrictive covenants (single-dwelling, materials, height) that limit your plans.
Owners corporation (if applicable)
Apartments and many townhouses in Preston are in an owners corporation. If so, the statement must include its certificate — review annual fees, any special levies, the maintenance fund and insurance.
Already under contract in Preston?
Buyer questions about Preston
What should I check in a Section 32 for Preston?
For Preston, pay particular attention to heritage overlays (about 8% of the suburb is affected), any flood-related overlay (~7%), easements and restrictive covenants on the title, and — for apartments — the owners-corporation certificate with its fees and any special levies.
Does Preston have heritage overlays?
Around 8% of Preston sits under a Heritage Overlay — common enough that it's worth confirming whether it applies to this specific parcel. It restricts demolition, extensions and even exterior paint colours, and a permit is needed for changes.
Is a free Section 32 review legal advice?
No. Delora gives a fast, plain-English review to help you understand the statement and ask better questions. Always have a licensed conveyancer or solicitor review the contract before you sign.
Neighbouring suburbs
The 7 suburbs that border Preston.
Learn how to use this page
The heritage, flood and bushfire figures above are suburb-wide — they tell you how common an overlay is here, not whether it applies to one specific address. Confirm via VicPlan and an in-person inspection before you rely on them.