Princes Hill house prices & rent trends — the risks to check before you buy
Princes Hill is an established suburb with an older, more settled population — median age 39, more socio-economically advantaged than most areas on the ABS's SEIFA index. Housing is mixed, with a notable share of townhouses (around 57%) alongside houses. The area is still light on cafés, shops and other everyday amenity. It's close to the city and well served by tram, though not by train. The median house price sits at $2,257,500. 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 Princes Hill.
Ready to look at a specific property here? See the due diligence hub for what to verify before you sign.
Suburb boundary with planning overlays — toggle them top-right. Map © OpenStreetMap, © CARTO; overlays © Vicmap Planning.
Princes Hill 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): 5%
- Mid-rise (3–8 storeys): 23%
Bedroom mix (share of all occupied dwellings):
- Studio or 1 bedroom: 11%
- 2 bedrooms: 36%
- 3 bedrooms: 37%
- 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 Princes Hill — confirm whether any apply to the specific address.
- 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 Princes Hill compares
Where Princes Hill 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 Princes Hill’s market has moved — up to 12 years of sale prices and 20+ years of rents.
| Year | Houses | Units |
|---|---|---|
| 2024 | $1,722,500 | — |
| 2023 | $1,665,000 | $680,000 |
| 2022 | $1,892,500 | $790,500 |
| 2021 | $2,015,000 | $827,000 |
| 2020 | $1,600,000 | $845,500 |
| 2019 | $2,035,000 | $592,500 |
| 2018 | $1,650,000 | $440,000 |
| 2017 | $1,767,500 | $404,000 |
| 2016 | $1,555,000 | $532,500 |
| 2015 | $1,280,000 | $633,000 |
| 2014 | $1,210,000 | $591,000 |
| 2013 | $1,216,500 | $341,000 |
Planning changes in Princes Hill
No zone changes or new planning overlays have been recorded on land in Princes Hill since 2017 — its planning rules have stayed put over the period we track. That stability is itself worth knowing.
Source: Vicmap Planning Scheme History (2017–present). How Melbourne’s zoning actually changed over the decade →
Schools
Parts of Princes Hill fall within 2 primary and 1 secondary government school catchments. 2 schools are located within the suburb (2 government).
Government schools have address-based catchment zones; Catholic and independent schools set their own enrolment processes.
What to check before you buy in Princes Hill
Princes Hill is one of Melbourne's most heritage-dense suburbs — around 100% sits under a Heritage Overlay — so many homes are period properties where demolition and even external changes need a planning permit. Parts of the suburb (about 9%) sit under flood-related overlays. The specific things worth confirming here, plus the two every buyer should check.
Heritage Overlay likely
About 100% of Princes Hill sits under a Heritage Overlay — a high-heritage suburb. Check whether one applies to this property: it can restrict demolition, extensions and even exterior paint colours, and a permit is needed for changes. Confirm it’s disclosed in the planning section.
Check for a flood overlay
Parts of Princes Hill (~9%) 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 Princes Hill 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 Princes Hill?
Buyer questions about Princes Hill
What should I check in a Section 32 for Princes Hill?
For Princes Hill, pay particular attention to heritage overlays (about 100% of the suburb is affected), any flood-related overlay (~9%), easements and restrictive covenants on the title, and — for apartments — the owners-corporation certificate with its fees and any special levies.
Does Princes Hill have heritage overlays?
About 100% of Princes Hill sits under a Heritage Overlay — a high-heritage suburb. Confirm whether one applies to this property in the Section 32's planning section; 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 3 suburbs that border Princes Hill.
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.