North Melbourne vs Parkville
North Melbourne (median $1,326,000) is roughly 35% cheaper to buy into than Parkville ($2,025,000).
Buying in North Melbourne or Parkville?
Selling in North Melbourne? The free selling guide
North Melbourne and Parkville side by side
| Measure | North Melbourne | Parkville |
|---|---|---|
| Price and market | ||
| Median house | $1,326,000 | $2,025,000 |
| Median unit | $517,500 | $507,500 |
| Renting | ||
| House rent | $853/wk | $950/wk |
| Unit rent | $660/wk | $670/wk |
| Owner occupied | 33.0% | – |
| Renter occupied | 64.0% | – |
| Schools | ||
| Schools nearby | 20 | 20 |
| Average ICSEA | 1053 | 1082 |
| Lifestyle and people | ||
| Walk score | 100 | 52 |
| Transit score | 80 | 60 |
| Bike score | 100 | 100 |
| Population | 14,953 | – |
| Median age | 31 | – |
| Climate | ||
| Annual rainfall | 582 mm | 582 mm |
| Mean max, January | 26.9°C | 26.9°C |
Green dot: better on that measure (lower price, higher growth, higher walkability, lower risk). Each suburb’s profile gives the source and period of its figures.
Which suits whom
North Melbourne scores higher on walkability (100/100 vs 52/100 ), useful if you're optimising for a car-light household. On school quality, the average ICSEA across schools serving Parkville (1082) sits above North Melbourne (1053).
- For buyers
- North Melbourne is the lower entry point at $1,326,000 median, 35% below the other suburb. For first home buyers, that translates to a smaller deposit and lower stamp duty bill.
- For investors
- North Melbourne offers the higher gross rental yield (3.35% vs 2.44%), favouring cash-flow investors.
- For families
- Parkville edges out on average school ICSEA (1082 vs 1053).
North Melbourne vs Parkville: common questions
Is North Melbourne or Parkville cheaper to buy in?
North Melbourne has the lower median house price at $1,326,000, roughly 35% below Parkville ($2,025,000). The gap on units is usually similar but worth checking on the full suburb profiles.
Does North Melbourne or Parkville have better schools?
On average school ICSEA (the ACARA index that benchmarks educational advantage), Parkville scores 1082 vs 1053 in North Melbourne. ICSEA is a school-community indicator, not a quality rating, so always check NAPLAN results and catchment boundaries for the specific address you're considering.
Which is more walkable, North Melbourne or Parkville?
North Melbourne scores 100/100 on walkability vs 52/100. Above 70 is considered very walkable (most errands on foot), 50-69 is walkable for some errands, below 50 typically requires a car for daily life.
Which suburb has higher rental yield, North Melbourne or Parkville?
Gross rental yield on houses is 3.35% in North Melbourne vs 2.44% in Parkville. Gross yield equals annual rent divided by purchase price. Net yield (after strata, rates, insurance, agent fees and maintenance) typically runs 1.5-2 percentage points lower.
Keep comparing
The two suburbs
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Choosing between North Melbourne and Parkville?
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