Jayson Watts
116-118 Shields Street, Flemington, Vic 3031
Auction $1,750,000 - $1,850,000
4 2
Open Saturday 6 June 10:30 am Auction Saturday 27 June 11:00 am🏛️ About This Suburb (Last Updated Date: 2026-03-12)
History, Aboriginal heritage, and the story behind the name.
Flemington — Wurundjeri Country
Flemington's history is inextricably linked to the Flemington Racecourse, which held its first meeting in 1840. The suburb developed rapidly in the late 19th century as a residential area for Melbourne's growing professional class, leading to the construction of grand Victorian villas and ornate terrace rows.
Today, Flemington is a multicultural inner-city pocket known for its vibrant 'Racecourse Road' dining strip, leafy streetscapes, and a mix of high-density social housing and gentrified period homes.
Overall Score
8.2
A high-performing inner-city suburb with elite transport and lifestyle amenities.
Aboriginal Name
Woi-wurrung— "The place of the white gum trees"
Name Origin
Named after James Fleming, an early settler who established a butchery and property in the area in the 1840s.
Established
1840s
Racing Capital
Home to the Melbourne Cup since 1861.
Heritage
Contains some of Melbourne's best-preserved Victorian architecture.
Greenery
Bordered by the expansive Royal Park and Moonee Ponds Creek trail.
📊 Scorecard
12 key dimensions scored 0–10. Each score includes a one-line explanation.
Market Momentum
7.4
Steady demand for period homes despite broader economic shifts.
Amenity
8.8
Exceptional access to dining, retail, and the world-class Flemington Racecourse precinct.
Schools
7.2
Solid local primary options, though secondary school zoning is a frequent buyer query.
Transport
9.6
Elite connectivity with multiple train stations and two major tram lines.
Risk Profile
6.2
Lowered by flood overlays and high-density public housing redevelopment uncertainties.
Liveability
8.5
High quality of life with walkability to parks, cafes, and the CBD.
Demographics
7.9
A diverse mix of young professionals, students, and long-term residents.
Rental Demand
8.9
Extremely high due to proximity to the University of Melbourne and hospitals.
Growth Potential
7.5
Strong long-term prospects driven by scarcity of land and CBD proximity.
Affordability
5.2
Premium pricing for houses; units offer a more accessible entry point.
Crime & Safety
6.1
Generally safe, though typical inner-city opportunistic crime and public housing precinct activity noted.
Walkability
9.4
A 'walker's paradise' where most daily errands do not require a car.
⚡ Quick Snapshot
Key metrics at a glance, plus your top advantages and watch-outs.
Transit Hub
3 Stations
Newmarket, Flemington Bridge, and Showgrounds.
Median House
$1.15m
Reflecting 2025-26 market stability.
Vacancy Rate
1.4%
Tight rental market favoring landlords.
Education
92/100
Proximity to University of Melbourne.
Walk Score
94
Most errands accomplished on foot.
Flood Risk
Moderate
Check LSIO and SBO overlays carefully.
✅ Key Advantages
- Unbeatable public transport with access to the Craigieburn line and Trams 57/59.
- Rich architectural character with high-value Victorian and Edwardian housing stock.
- Walking distance to the Melbourne Biomedical Precinct and University of Melbourne.
- Vibrant multicultural food scene along Racecourse Road and Pin Oak Crescent.
- Immediate proximity to Royal Park, one of Melbourne's largest green spaces.
⚠️ Key Watch-Outs
- Significant traffic congestion and parking restrictions during major racing events.
- Extensive Heritage Overlays can make renovations costly and complex.
- Flood risk areas near Moonee Ponds Creek require specialized insurance.
- Noise pollution from the Upfield and Craigieburn train lines in certain pockets.
- Large-scale public housing towers create high-density pockets that may not suit all buyers.
🏘️ Suburb Overview
Character, property mix, price range and what drives value here.
🏙️ Character
Urban Heritage
How this suburb feels day-to-day.
🏠 Property Types
Victorian terraces, Edwardian cottages, and mid-century to modern apartments.
Dominant dwelling stock.
💰 Price Range
$450k (Units) – $2.8m+ (Premium Houses)
Typical entry to ceiling.
💡 Why It Matters
Flemington offers a unique 'village' feel while being geographically closer to the CBD than many more expensive eastern suburbs. It is a strategic choice for professionals working in the city or the nearby hospital precinct who value character and connectivity.
💰 Price Guide & Market Trends
Medians, rental market, 5-year history and property split.
🏠 House Median
$1,150,000
$980k – $1.75m
🏢 Unit Median
$525,000
$410k – $690k
📈 Price Trend
+3.2% over the last 12 months
12-month movement
🔑 Weekly Rents
Houses $750pw, Units $520pw
Current asking rents
📉 5-Year Price History
🏘️ Property Type Split
The price gap between houses and units is significant, reflecting the scarcity of land and the high volume of apartment stock near the racecourse and train lines.
🎯 Affordability
How this suburb compares to metro and state medians.
🏙️ vs Metro Average
12% below Greater Melbourne house median
Price comparison
📋 Income Ratio
8.8x average household income
Median price ÷ median income
💳 Gross Yield
4.1% gross yield
Estimated rental yield
More AffordableModeratePremium
Entry levelMid rangePremium
While houses are becoming a luxury, the unit market remains one of the most affordable ways to live within 5km of the CBD.
🔥 Rental Demand
Vacancy rates, demand pressure, tenant profile, and investor outlook.
📊 Vacancy Rate
1.4%
Lower = tighter market
⏱️ Days to Lease
16 days
Avg time on market
📈 Rent Growth p.a.
+8.5%
Annual rental increase
Demand Level
Very High
👤 Tenant Profile
Young healthcare professionals, university students, and CBD-based corporate workers.
💼 Investor Outlook
Strong rental yields for units and consistent capital growth for period houses. Low vacancy rates are expected to persist due to limited new supply in the immediate pipeline.
🚀 Growth Potential
Historical capital growth, infrastructure pipeline, and 5-year outlook.
+3.2%
1-Year Growth
+12.4%
3-Year Growth
+16.2%
5-Year Growth
📍 Growth Drivers
- Ongoing gentrification of the Racecourse Road precinct.
- Proximity to the Metro Tunnel project (Parkville Station).
- Limited supply of heritage-protected detached housing.
- Expansion of the nearby Melbourne Biomedical Precinct.
⛔ Headwinds
- Rising interest rates impacting borrowing capacity for first home buyers.
- High maintenance costs associated with heritage properties.
- Potential for increased supply in neighboring Footscray and Kensington.
🔮 5-Year Outlook
Flemington is expected to outperform the middle-ring suburbs as buyers prioritize proximity to work and transit. Expect steady 3-5% annual growth for houses.
🛡️ Crime & Safety
Safety index, trend comparison, and what to check locally.
6
Safety Score
Average
📉 Trend
Stable
vs last 12 months
🏙️ vs Metro Average
Slightly higher than metro average for property theft
Relative comparison
Risk Categories
Property Crime: Medium
Personal Safety: Medium
Traffic/Road Safety: High
📋 What to Check Locally
Check local police statistics for the area surrounding the Flemington Estate and ensure properties have secure off-street parking.
⚠️ Risk Profile
Natural hazards and planning risks to verify before buying.
📋 Summary
Primary risks involve environmental factors and regulatory constraints on property modification.
🌊 Flood Risk
Land Subject to Inundation Overlay (LSIO) affects properties near the Moonee Ponds Creek and the Racecourse.
🔥 Bushfire Risk
Negligible risk.
🏦 Insurance Impact
Flood insurance can be expensive or difficult to obtain for properties in LSIO zones; always get a quote before unconditional exchange.
🗺️ Planning & Zoning
Development controls, overlays, and what's changing locally.
📐 Typical Zoning
General Residential Zone (GRZ1), Neighbourhood Residential Zone (NRZ)
🔲 Overlays
Heritage Overlay (HO), Land Subject to Inundation Overlay (LSIO), Special Building Overlay (SBO)
🏗️ Development Hotspots
Racecourse Road corridor and the Debney Park estate renewal.
Heritage and flood overlays are the two biggest 'deal-breakers' for those looking to extend or rebuild.
🌳 Liveability
Day-to-day experience — transport, amenity, green space, schools and healthcare.
🚌 Transport
Elite; three train stations and two tram lines within walking distance.
🛍️ Amenity & Retail
Excellent; diverse dining, local libraries, and the Newmarket shopping plaza.
🌲 Parks & Recreation
Superior; direct access to Royal Park and the Moonee Ponds Creek trail.
🏫 Schools
Good; Flemington Primary is highly regarded, though secondary options are more varied.
🏥 Healthcare
Exceptional; 5-minute drive to Royal Melbourne and Royal Children's Hospitals.
👥 Demographics
Who lives here — income, age, ownership, and education levels.
A highly educated, younger-skewing population with a significant proportion of renters and professionals.
💵 Median Income
$88,400 pa
🏠 Ownership
35% owner-occupied, 60% renting
🎂 Age Profile
Median age 34
🎓 Education
52% have a Bachelor degree or higher
📊 Age Distribution
The high rental population and young professional demographic support strong demand for units and vibrant local hospitality.
🏗️ Major Developments
Infrastructure pipeline and what it means for values and liveability.
📋 Overview
The suburb is undergoing significant social housing renewal and infrastructure upgrades.
📈 Positive Impacts
- Modernization of the Debney Park social housing precinct.
- Improved connectivity via the Metro Tunnel (Parkville Station proximity).
- Upgrades to the Flemington Racecourse precinct facilities.
📉 Negative Impacts
- Construction noise and traffic disruptions during precinct renewals.
- Increased density potentially straining local street parking.
🗺️ Nearby Suburb Comparison
How neighbouring suburbs stack up on price, lifestyle and who they suit.
📍Kensington
Position
Adjacent South
Price
Kensington is 5-10% more expensive
Lifestyle
More family-oriented with fewer high-rise towers.
Best for
Young families seeking a quieter village feel.
📍Ascot Vale
Position
Adjacent North
Price
Similar for houses, cheaper for units
Lifestyle
More suburban feel with larger blocks of land.
Best for
Buyers looking for more backyard space.
📍North Melbourne
Position
Adjacent East
Price
20% more expensive
Lifestyle
More industrial-chic and closer to CBD.
Best for
High-income professionals wanting to walk to work.
📍Footscray
Position
West (across river)
Price
15% cheaper
Lifestyle
Grittier, rapidly gentrifying, diverse arts scene.
Best for
First home buyers and investors.
🔍 Similar Suburbs
Suburbs with a comparable profile — useful if this one is over budget or sold up.
Abbotsford
VIC
8.1/10
Inner-city river proximity, heritage housing, and a mix of industrial/residential.
Erskineville
NSW
8.4/10
Strong terrace house character, elite rail links, and a village atmosphere.
Brunswick
VIC
8.3/10
Multicultural dining, strong tram links, and diverse housing stock.
Paddington
QLD
8.0/10
Hilly terrain, heritage protection, and proximity to a major stadium/venue.
💬 Community Sentiment
Aggregated themes from resident discussions, forums and local feedback.
📊 Overall Community Sentiment
Residents love the suburb's convenience and character but express frustration with race-day traffic and the divide between the heritage streets and high-density estates.
★★★★★
Commuter Paradise
I can be in my office at Parkville in 10 minutes by bike or tram. The cafes on Pin Oak Crescent are world-class.
Transport
Lifestyle
★★★★☆
Heritage Hurdles
Buying a Victorian cottage here was a dream, but the heritage overlays made our renovation twice as expensive as planned.
Character
Renovation Cost
★★★★☆
Dining & Culture
The food on Racecourse Road is amazing. You have everything from Laksa to Italian in one block.
Food Scene
Diversity
★★★☆☆
Event Congestion
During the Spring Racing Carnival, the suburb is basically a no-go zone for cars. Parking becomes impossible.
Traffic
Events
★★★★☆
Park Access
Living so close to Royal Park is a huge bonus. It feels like having a massive backyard that I don't have to mow.
Parks
Rent Value
★★★★☆
Community Spirit
There is a real sense of community here that you don't always find so close to the city.
Community
Safety
💡 Tailored Advice
Personalised guidance for every role in this market.
🧑💼 Buyer Strategy
- Prioritize properties with off-street parking, as street parking is highly contested.
- Check the Section 32 specifically for Land Subject to Inundation Overlays (LSIO).
- Look for 'unrenovated' gems in the pockets between Wellington St and Racecourse Rd.
- Attend a race day to understand the noise and traffic impact on your specific street.
- Verify school zone boundaries as they can change near the Kensington border.
❓ Questions to Ask the Agent
- Is this property affected by the Land Subject to Inundation Overlay (LSIO)?
- What are the specific heritage restrictions on the facade or interior?
- Are there any planned developments for the nearby public housing estates?
- How does the street handle traffic and parking during the Spring Racing Carnival?
- What is the current school catchment for this specific address?
- Are there any known structural issues common to this row of terraces?
- What are the average utility costs for a property of this age?
🏷️ Seller Strategy
- Highlight heritage features like original fireplaces and cornices in marketing.
- Ensure the property is styled to appeal to young professional couples.
- Address any damp or structural issues common in older Victorian stock before listing.
- Time your sale to avoid the peak chaos of the Melbourne Cup Carnival unless targeting investors.
- Provide a clear floor plan showing potential for home office space.
📣 Positioning Tips
Position the property as a 'lifestyle-first' investment that captures the best of Melbourne's heritage and transit connectivity. Emphasize the proximity to the hospital precinct and CBD.
💼 Investment Case
High-yield potential in the unit market with low vacancy rates.
⚠️ Investment Risks
High body corporate fees in older apartment blocks and potential for future supply in nearby precincts.
📈 Action Plan
- Target 2-bedroom apartments in small, older blocks for better land value.
- Focus on properties within 500m of Newmarket Station.
- Budget for higher insurance premiums if the property is in a flood overlay.
- Consider a minor cosmetic refresh to maximize rental yield for professional tenants.
🔑 Renter Tips
- Apply with a complete profile; competition for 1-bedroom units is fierce.
- Check the proximity to the train line for noise if you are a light sleeper.
- Look for apartments with included parking to avoid council permit hassles.
🏘️ What Renters Love Here
Incredible access to food, parks, and city transit.
⚠️ Renter Watch-Outs
Older apartments can be poorly insulated and expensive to heat/cool.
🏢 Landlord Strategy
- Regularly maintain gutters and drainage due to the age of local housing.
- Offer long-term leases to attract stable professional tenants.
- Ensure compliance with Victoria's minimum rental standards for older buildings.
📋 Compliance & Management
Strict adherence to gas and electrical safety checks is mandatory every two years.
🤝 Agent Insights
- The market is currently split between heritage-seekers and budget-conscious unit buyers.
- Properties with 'work from home' potential are achieving 5-10% premiums.
🎯 Marketing Angles
The '10-minute commute' and 'Racecourse lifestyle' are the strongest hooks.
👤 Target Buyer Profile
Young professional couples, biomedical precinct workers, and savvy inner-city investors.
✅ Due Diligence Checklist
Tap items to tick them off. Don't skip these before signing anything.
✓
Verify flood overlay status via VicPlan.
✓
Order a comprehensive building and pest inspection focusing on rising damp.
✓
Check the heritage overlay requirements with Moonee Valley Council.
✓
Confirm the availability of residential parking permits for the street.
✓
Review the Section 32 for any easements or restrictive covenants.
✓
Test the commute time via public transport during peak hours.
✓
Assess the noise levels from the nearby train line and CityLink.
✓
Check for any active planning applications on neighboring properties.
✓
Verify the property's inclusion in the preferred school zones.
✓
Obtain an insurance quote to check for flood-related premium loading.
📚 Government Sources & Disclaimer
Official council and government links only. Always verify independently before any property decision.
🔗 mvcc.vic.gov.au
🔗 melbourne.vic.gov.au
🔗 mapshare.vic.gov.au
🔗 abs.gov.au
🔗 planning.vic.gov.au
🔗 vicroads.vic.gov.au
⚠️ Important Disclaimer
This report is based on data available as of 2026-03-12. It is intended for informational purposes only and does not constitute financial or legal advice. Buyers should conduct their own independent due diligence and consult with qualified professionals before making any property purchase.
