Parkville, VIC — Investment Profile 2021
Based on ABS Census 2021 data · AI-generated insights — for informational use only
Parkville
VICCensus 2021 · Population 7,071
Parkville, VIC, is home to a relatively young population with a median age of 26, significantly lower than the Victorian median of 38. The suburb has a total population of 7,071, with a slight female majority at 52.4%. The area is characterized by a high percentage of renters, with 64.1% of residents renting their homes, compared to 32.2% ownership in Victoria overall. Housing in Parkville is predominantly apartments, making up 61.5% of dwellings, which is indicative of the urban setting and lifestyle.
Key Highlights
- Highly educated population - 46.2% hold bachelor degrees or higher (vs VIC 29.2%)
- Above average median household income - $1,885 weekly (vs VIC $1,759)
- Significant professional workforce - 39.5% employed as professionals
- High rental market - 64.1% of properties are rented
- Diverse cultural community with 43.3% born overseas
Things to Consider
- High unemployment rate at 10.1% compared to state average
- Predominantly apartment living may not suit all families
- High percentage of renters could indicate transient population
- Median weekly rent of $396 may be high for some budgets
- Limited separate houses, only 2.2% of housing stock
What's it like living here?
Daily life in Parkville is influenced by its proximity to educational institutions and the prevalence of young professionals. With 34.5% of the workforce working from home, the suburb offers a flexible lifestyle. Public transport usage is at 11.3%, while only 21.0% of residents drive to work, reflecting the suburb's urban nature and connectivity. The community has a diverse cultural background, with 43.3% of residents born overseas.