Yarraville is a gentrified Inner Western suburb of Melbourne, situated 6km east of the CBD, located within the City of Maribyrnong Local Government Area.
Yarraville is known for its walkability and village lifestyle. It is known as a gentrified, trendy and hip area, and it can be a hot spot for a coffee date or catch up for many residents of Melbourne.
Yarraville was once home to iron founders, rope makers and much of the working class of Melbourne, though today Yarraville is one of Sydney's most gentrified suburbs, and a hot spot for many professional workers and families. Accordingly house prices in Yarraville have increased significantly from $20,000 in the 1980,s to over $1.3M in 2021. Many of the lower socioeconomic demographic who previously resided in the suburb are now moving further and further west.
Lifestyle
Yarraville is one of the larger suburbs west of the CBD, and is known for a fantastic village lifestyle. Many residents enjoy the urban village lifestyle in local pubs and cafes that line Anderson Street, and nearby streets to the station.
Yarraville Village is renown for its architecture, unique character, heritage and boutique stores and is a large drawcard for many locals.
There are many larger parks that exist within Yarraville, most notable being Stony Creek Reserve in the southern part of the suburb. Cruickshank Park and McIvor Reserve are two other larger parks that exist in the western part of the suburb.
Smaller parks are sprinkled throughout the suburb, and are common places for residents to picnic and relax, particularly on a summers afternoon.
Yarraville is also known for having many religious organisations such as Buddhist, Catholic, Baptist, Orthodox and Uniting Church. Along with this, Yarraville also houses the Greek Orthodox Language School and Victorian International Buddhist College.
School Zones
Wembley Primary School and Yarraville West Primary School both are located within Yarraville, and serve the primary school residents of the suburb.
Many students of a primary age also attend Kingsville Primary School, in the northern end of the suburb and St Augustine's Primary School for a catholic education.
Most adolescent students attend Footscray High School, Bayside P-12 College or Williamstown High School which are located roughly 10 minutes north and south respectively of Yarraville.
Private Schools are not as common in Yarraville, but are growing. Some wealthier professionals do send their children to Melbourne Grammar School and Melbourne Girls Grammar School in the inner east. At times, some students may board, or simply go to Geelong Grammar School as a full time boarding student.
Yarraville Special Development School is located within the centre of the suburb, and serves students of special needs.
Demographics
Yarraville has become one of Australia's most gentrified suburbs, and the changing demographics and nature of the suburb show it.
Many of the lower socioeconomic class has now been displaced further west, and have been replaced by a wealthier demographic, often moving from the affluent east or dual income professionals.
Accordingly the median household weekly income per week has more than doubled from $1,122 to $2,483 per week. This number is higher than many of the counterparts in the east which are considered 'old money' suburbs.
Yarraville has a rich mixed ethnicity, with Greeks, Italians, Australians, English and Vietnamese people all making up solid populations in the suburb.
Employment
Yarraville is a mixed suburb of different industries. Professionals and Managers make up over 55% of the suburb, and is largely contributing to the gentrifying nature of the suburb.
Tradesman, Operators and Labourers also make up close to 20% of the suburb. Many of these workers are long term original residents who bought their homes many decades ago.
Healthcare, IT, Finance and Cafes are the top employers of Yarraville. Many cafe workers are the younger residents in the suburb who enjoy the walkable nature of inner west suburbs.
Transport
Yarraville Station is located in the centre of Yarraville Village, and is services by all trains that run along the Williamstown, Laverton and Werribee lines.
Buses are also common in Yarraville, and run throughout the suburb to the west, north and CBD. All of these services are commonly found along the main roads of Yarraville including Williamstown Road, Docklands Highway, Hyde Street and Anderson Street.
Families commonly in Yarraville have private vehicles in Yarraville, and often have a single carspace as many homes in Yarraville are on original blocks between 200-400m2.
Walking and cycling are also common methods of transport in Yarraville. This is particularly common amongst the younger population and the working population that work close to home.
Shopping Centre's, Restaurants & Facilities
Yarraville is one of Melbourne's most livable suburbs and is known for Yarraville Village. This is home to book stores, arts, crafts, boutique clothing, gourmet foods, wines and record stores.
The village has many award winning restaurants and cafes. Yarraville is home to cuisine of many nations, including Chinese, Vietnamese, Mexican, Chai, Indian, Greek and Italian.
Yarraville markets are also very popular, and are held every first saturday and sunday of each month. There is a strong presence of Australia made and hand made products.
The Yarraville festival is also held annually at the Yarraville Gardens and is full of amusement from art exhibitions, performances, parades and other arts and crafts. This can attract crowds of up to 25,000 on busy days.
Yarraville also has a rich history of sport, whether that be cricket, soccer, aussie rules or rugby. In particular, Yarraville Glory Football Club (soccer) has a rich history. This was originally established by the resident Greek population in 1966.
Development
Yarraville is largely a village suburb, with close to 90% being compromised of detached, semi detached or terrace housing. Many of these blocks are original between 200-400m2, with some larger blocks existing in the western part of the suburb.
Most of the development in Yarraville is redevelopment or renovation of existing Victorian or Edwardian homes, that are extremely common throughout the village part of the suburb. It should be noted that some of these are heritage protected and have strong restrictions in place.
Some apartment and townhouse developments exist, and are more common close to the station, where some greater zoning permits.
Capital Growth
Forming part of Australia's top 50 suburbs for Capital Growth According to Aussie Home Loans 25 year report, Yarraville has performed at close to 10% capital growth year on year for the past 30+ years.
This is no surprise as for the price and lifestyle that Yarraville holds, it is close to half the price of its eastern suburbs counterparts.
Homes in the best streets of Yarraville are known to perform at 12.5% and above, though are extremely tightly held now and often require sums of greater than $2 million.
Townhouses and apartments perform at 6% and 4% respectively and are commonly bought by downsizers and other lower income residents who wish to enter the Yarraville market at a lower price point.
Cash Flow
Houses in Yarraville yield between 3.1-3.4%, depending on their location and size. This is largely due to the extreme pressure of capital growth consistent throughout the history of the suburb.
Homes in the past in Yarraville yielded closer to 4%, though rents have increased substantially with capital growth, largely contributing to incredible sums of equity and cash flow.
Units and townhouses generally yield around 4.5%, and are commonly in demand by younger residents and downsizers.
Rental Demand
Yarraville has some of the lowest vacancy rates in all of Melbourne, with houses often having under 1.5% vacancy rates. After the COVID19 Pandemic, vacancy rates have been under 1% consistently.
Townhouses and apartments have vacancy rates closer to 2.2%, largely due to the presence of younger residents who generally are shorter term residents.
It should be noted that even during the COVID19 pandemic, vacancy rates in Yarraville for houses only reached 3.5%, where as Melbourne apartments moved closer to 7%.
Rents for houses in Yarraville are some of the most consistent performers in Australia, with rents regularly increasing between 3-4%, nearly doubling from 2010-2024 moving from $400 per week to $770 per week.
Why You Require a Buyers Agent in Yarraville
Yarraville was once a suburb almost entirely ignored by many of Melbourne's professionals and wealthier demographic. Those days no longer exist, and many homes are snapped up in incredibly competitive sales campaigns.
Auctions are a large part of sales in Yarraville, and can attract prices of up to 20% over reserve. Often these are for the best homes and best locations in Yarraville.
Yarraville is a suburb that is high performing, though it is also a large suburb with many different pockets, which contribute to very different rates of growth.
Finally, stock on market has fallen off a cliff in recent decades in Yarraville, which has nearly quartered over the past 20 years, meaning demand has increased, but stock has decreased. This has only contributed to a larger increased in competition.
Having a buyers agent in Yarraville is critical to your success, as Yarraville is now not only a suburb in demand from Victorians, but all Australians and also sometimes Internationals.
Ensuring you have access to the correct stock, at the correct price with the right negotiation strategy is a sure way to ensure you have the best performing product that will save you thousands in purchasing and make you millions for years to come.
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