Suburb Profile – Armadale
Armadale is a picturesque and fashionable suburb best known for its appealing Victorian and Federation architecture and acclaim as a destination shopping strip. You’ll find Armadale just 7kms southeast of the city, sitting between the equally prestigious suburbs of Toorak and Malvern.
Lush, tree-lined streets complement the impressive homes, which are surrounded by some of Melbourne’s most sought-after private schools.
Beautiful houses are one thing, but then there is the shopping. Quite simply, as a retail destination, High Street, Armadale, is in revered company. There is an air of exclusivity, glamour and style that entices discerning shoppers to stroll down this undulating strip populated by boutique stores, sophisticated galleries and enticing cafes. When not enjoying the culinary delights on offer, residents are known to visit one of the extraordinary day spas and salons for pampering.
Another attraction is its proximity to Melbourne CBD and with its connectivity via train and tram, Armadale is a popular location for a young professional demographic who mix well with long-time locals.
Adding weight to the air of prestige of this established suburb is the median sale price for homes and units within it. In October 2016, the median sale price for a house in Armadale was 2.1 million1, up 15% year-on-year. For units, the median sales price is $635,0002, up 9% year-on-year.
What is also encouraging for investors is the large percentage of renters in the area, 44% in total. Over the twelve months to October 2016, the median gross yields for houses and units in Armadale were 1.8 and 3.2% respectively3. The median asking rent as of October 2016 is $750 for houses and $395 for a unit.
Armadale is not only a sought after suburb for owner-occupiers, but also for renters who wish to live in one of Melbourne’s most traditional and stylish suburbs. A safe suburb, Armadale is an even safer investment that has plenty of appeal for professionals and families.
– Last updated November 2016.