SNAPSHOT OF YARRAVILLE
Yarraville is renowned in Melbourne for its unique character, architecture and charming village vibe.
Anderson and Ballarat Streets, in the heart of the Yarraville Village, are lined with refurbished 19th century buildings and dotted with quaint neighbourhood cafes, restaurants and boutique shops. This village atmosphere is anchored by the restored Sun Theatre and adjacent Sun Bookshop, a prominent landmark in the Yarraville community with its unique Art Deco architecture and multiple screens. It’s grassy knoll is a community hub attracting visitors and residents to bask in the sun and connect.
Traditionally a working class suburb, its residents were mainly blue collar workers servicing the local industries that were prominent in the Western Suburbs of Melbourne together with the docks that were a large part of the working community.
In the mid 20th century the suburb attracted many migrants, especially from a Greek, Italian and Yugoslav background, and since the turn of the 21st century the close proximity to the CBD and great value compared to other Inner City suburbs attracted young couples and families back into the area, as well as a burgeoning arts scene.
Many renovations of period homes and modern developments of ‘Infill Sites’ has seen huge investments in the suburb, and coupled with infrastructure upgrades such as the ‘Regional Rail Link’ and ‘Westgate Tunnel’, Yarraville has become one of the most sought after suburbs in Melbourne. Notable examples of Victorian and Edwardian architecture can also be found throughout Yarraville. Homer renovators and astute investors began to realise Yarraville’s potential in the early 90’s, helping the postcode to shake its long standing working-class image.
The restored Sun Theatre, the award winning eateries and the eclectic mix of retails shops have undoubtedly contributed to the suburbs increased appeal. The 2016 Census figures put the Yarraville population at 14,965, with a significant number of these residents young couples or growing families.
Yarraville is blessed with an abundance of community facilities including the Yarraville Cricket Club, the Tennis Club and the Trugo Club to list just a few. Yarraville also hosts its own annual festival providing an extensive array of entertainment to around 10,000 eager festival goers. And on the first weekend of every month locals and visitors can explore the Yarraville market.
Latest median house price figures from September 27, 2019 are $930,000 with a medium rental return of $540 per week. Based on five years of sales, Yarraville is a high demand market with a compound growth rate of 5.8% for houses and 1.4% for units.