Ming Xu
57 Shepherd Street, Surrey Hills, Vic 3127
$2,200,000 to $2,400,000
4 2 2
Open Thursday 4 June 1:00 pm Auction Saturday 27 June 3:00 pm๐๏ธ About This Suburb (Last Updated Date: 2026-03-06)
History, Aboriginal heritage, and the story behind the name.
Surrey Hills โ Wurundjeri Country
Developed primarily during the late 19th-century land boom following the extension of the Lilydale railway line. The suburb was designed as a 'temperance township,' which historically limited the number of licensed hotels in the area.
An affluent residential stronghold characterized by wide, tree-lined avenues and a mix of Victorian, Edwardian, and inter-war period homes.
Overall Score
8.8
A premier blue-chip suburb offering exceptional lifestyle stability and educational infrastructure.
Name Origin
Named after the Surrey Hills in Surrey, England, due to the area's elevated and undulating topography.
Established
1880s
Transport Hub
Home to the newly consolidated Union Station, replacing the old Surrey Hills and Mont Albert stations.
Greenery
Known for its 'Garden City' feel with high canopy coverage and significant tree protection.
Heritage
Contains some of Melbourne's best-preserved examples of Federation-era architecture.
๐ Scorecard
12 key dimensions scored 0โ10. Each score includes a one-line explanation.
Market Momentum
7.5
Steady demand from families keeps prices resilient even during broader market fluctuations.
Amenity
9.0
Excellent local shopping strips on Union Road and proximity to Maling Road, Canterbury.
Schools
9.5
Zoned for highly regarded primary schools and within the 'private school belt' of the inner-east.
Transport
9.2
The Level Crossing Removal Project and new Union Station have significantly improved rail efficiency.
Risk Profile
8.0
Low risk of capital loss but high risk of planning restrictions for developers.
Liveability
9.4
Quiet, safe, and green, making it a top-tier choice for established families.
Demographics
9.0
High-income professional demographic with high rates of outright home ownership.
Rental Demand
7.8
Strong demand for family homes, though high entry prices result in lower yields.
Growth Potential
7.0
Growth is driven by scarcity and prestige rather than rapid new development.
Affordability
2.5
One of Melbourne's most expensive suburbs, requiring significant capital for entry.
Crime & Safety
9.2
Consistently ranks as one of the safest LGAs in Metropolitan Melbourne.
Walkability
7.8
Very walkable near the Union Road precinct, though some pockets are hilly and car-dependent.
โก Quick Snapshot
Key metrics at a glance, plus your top advantages and watch-outs.
Median House
$2,450,000
Reflecting 2025-26 market levels
Median Unit
$925,000
Includes modern townhouses
12mo Growth
4.2%
Steady capital appreciation
Family Ratio
78%
High percentage of households
Train Access
Union Station
Belgrave/Lilydale Lines
Top School
Surrey Hills Primary
Highly sought-after zone
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Key Advantages
- Exceptional public transport connectivity via the new Union Station precinct.
- High concentration of prestigious period architecture and heritage-protected streetscapes.
- Access to top-tier government primary schools and proximity to elite private colleges.
- Very low crime rates and a strong sense of community safety.
- Abundant local parks including Wattle Park and South Surrey Park.
โ ๏ธ Key Watch-Outs
- Strict Heritage Overlays (HO) can make even minor external changes difficult.
- Significant price premium compared to the Melbourne metropolitan average.
- Heavy traffic congestion on Canterbury Road and Elgar Road during peak hours.
- Limited stock availability as residents tend to hold properties for long durations.
- Council rates are high due to high land valuations in Boroondara/Whitehorse.
๐๏ธ Suburb Overview
Character, property mix, price range and what drives value here.
๐๏ธ Character
Established Family
How this suburb feels day-to-day.
๐ Property Types
Predominantly detached period houses, with an increasing number of luxury townhouses near the station.
Dominant dwelling stock.
๐ฐ Price Range
$1.8m – $4.5m+
Typical entry to ceiling.
๐ก Why It Matters
Surrey Hills represents the 'aspirational' move for families in Melbourne's east. It offers a balance of heritage charm and modern infrastructure that maintains value through economic cycles.
๐ฐ Price Guide & Market Trends
Medians, rental market, 5-year history and property split.
๐ House Median
$2,450,000
$2.1m – $3.8m
๐ข Unit Median
$925,000
$750k – $1.4m
๐ Price Trend
+4.2% past 12 months
12-month movement
๐ Weekly Rents
Houses $950pw, Units $620pw
Current asking rents
๐ 5-Year Price History
๐๏ธ Property Type Split
The market is characterized by low turnover and high demand, meaning properties often sell quickly if priced correctly, frequently via auction.
๐ฏ Affordability
How this suburb compares to metro and state medians.
๐๏ธ vs Metro Average
115% above Melbourne metro median
Price comparison
๐ Income Ratio
12.4x average household income
Median price รท median income
๐ณ Gross Yield
2.4% gross yield for houses
Estimated rental yield
More AffordableModeratePremium
Entry levelMid rangePremium
Surrey Hills is an equity-rich suburb. Most buyers are upgrading from smaller homes in nearby suburbs or are high-income professionals.
๐ฅ Rental Demand
Vacancy rates, demand pressure, tenant profile, and investor outlook.
๐ Vacancy Rate
1.4%
Lower = tighter market
โฑ๏ธ Days to Lease
19 days
Avg time on market
๐ Rent Growth p.a.
+8.5%
Annual rental increase
Demand LevelHigh
๐ค Tenant Profile
Professional families seeking school zone access and corporate relocations.
๐ผ Investor Outlook
Yields are low, but capital growth prospects and tenant quality are excellent. Focus on townhouses near the station for better cash flow.
๐ Growth Potential
Historical capital growth, infrastructure pipeline, and 5-year outlook.
+4.2%
1-Year Growth
+12.5% cumulative
3-Year Growth
+28% cumulative
5-Year Growth
๐ Growth Drivers
- Completion of the Union Station precinct and local open space upgrades.
- Continued desirability of the Surrey Hills Primary and Camberwell High zones.
- Scarcity of large land parcels in the inner-east.
- Intergenerational wealth transfer supporting local family upgrades.
โ Headwinds
- High interest rate sensitivity for buyers at the $2m-$3m price point.
- Heritage restrictions preventing higher-density value-add plays.
- Limited land for new infrastructure.
๐ฎ 5-Year Outlook
Expect steady, low-volatility growth. The suburb will likely maintain its status as a safe-haven asset class within the Melbourne market.
๐ก๏ธ Crime & Safety
Safety index, trend comparison, and what to check locally.
9.2
Safety Score
Excellent
๐ Trend
Stable
vs last 12 months
๐๏ธ vs Metro Average
42% below metro average crime rate
Relative comparison
Risk Categories
Burglary: Low Property Damage: Low Personal Safety: Very Low
๐ What to Check Locally
Standard home security is usually sufficient; most incidents are opportunistic rather than systemic.
โ ๏ธ Risk Profile
Natural hazards and planning risks to verify before buying.
๐ Summary
The primary risks are regulatory and financial rather than environmental. High entry costs and strict planning controls are the main hurdles.
๐ Flood Risk
Low risk overall, though some localized overland flow paths exist near South Surrey Park.
๐ฅ Bushfire Risk
Negligible risk; fully urbanized area.
๐ฆ Insurance Impact
Standard premiums apply; no significant environmental loading.
๐บ๏ธ Planning & Zoning
Development controls, overlays, and what's changing locally.
๐ Typical Zoning
NRZ (Neighbourhood Residential Zone)
๐ฒ Overlays
HO (Heritage Overlay), VPO (Vegetation Protection Overlay), SBO (Special Building Overlay in minor pockets)
๐๏ธ Development Hotspots
Limited to small-scale luxury townhouse developments along Union Road and near the station.
Planning is split between Boroondara and Whitehorse councils; Boroondara is notoriously strict regarding heritage and tree removal.
๐ณ Liveability
Day-to-day experience โ transport, amenity, green space, schools and healthcare.
๐ Transport
Excellent rail access via Union Station; multiple bus routes on Elgar and Canterbury Roads.
๐๏ธ Amenity & Retail
High-quality local cafes, boutiques, and essential services on Union Road.
๐ฒ Parks & Recreation
Superb access to Wattle Park, South Surrey Park, and the Anniversary Trail.
๐ซ Schools
Top-tier; home to Surrey Hills Primary and Chatham Primary; easy access to private schools in Kew.
๐ฅ Healthcare
Close proximity to Box Hill Hospital and Epworth Eastern.
๐ฅ Demographics
Who lives here โ income, age, ownership, and education levels.
A highly educated, mature population with a high proportion of professional couples and families.
๐ต Median Income
$135,000 per household
๐ Ownership
74% owner-occupied (including 42% owned outright)
๐ Age Profile
Median age 41
๐ Education
62% of residents hold a Bachelor degree or higher
๐ Age Distribution
The high rate of outright ownership provides significant market stability during economic downturns.
๐๏ธ Major Developments
Infrastructure pipeline and what it means for values and liveability.
๐ Overview
The most significant recent change is the completion of the Union Station precinct, which has reclaimed land for community use.
๐ Positive Impacts
- Elimination of dangerous level crossings at Union Road and Mont Albert Road.
- New open spaces and improved pedestrian connectivity.
- Modernized station facilities and increased train frequency.
๐ Negative Impacts
- Loss of some historical station character (though offset by new heritage displays).
- Increased parking pressure in side streets near the new station entrance.
๐บ๏ธ Nearby Suburb Comparison
How neighbouring suburbs stack up on price, lifestyle and who they suit.
๐Mont Albert
Position Adjacent (North)
Price Slightly more expensive
Lifestyle Very similar, slightly more 'village' feel in the Hamilton Street precinct.
Best for Families seeking even quieter, more secluded streets.
๐Box Hill
Position Adjacent (East)
Price Cheaper for houses, more units
Lifestyle High-density, bustling CBD feel with major retail and dining.
Best for Investors and those wanting urban vibrancy.
๐Camberwell
Position West
Price Significantly more expensive
Lifestyle More grand estates and major retail hubs (Camberwell Junction).
Best for High-net-worth buyers seeking prestige and scale.
๐ Similar Suburbs
Suburbs with a comparable profile โ useful if this one is over budget or sold up.
Glen Iris
VIC
8.7/10
Leafy, family-oriented, excellent schools, and strong period home presence.
Malvern East
VIC
8.9/10
Heritage character, high safety, and premium price points.
๐ฌ Community Sentiment
Aggregated themes from resident discussions, forums and local feedback.
๐ Overall Community Sentiment
Residents value the suburb's quiet safety and the 'village' atmosphere of Union Road, though some miss the charm of the old stations.
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Family Life
The best place to raise kids in Melbourne. They can walk to school and the park safely.
Safety Community
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Transport
The new station is a game changer for my commute, though parking nearby is getting harder.
Trains Parking
๐ก Tailored Advice
Personalised guidance for every role in this market.
๐งโ๐ผ Buyer Strategy
- Prioritize the Boroondara side for long-term prestige, but expect higher prices.
- Check the Heritage Overlay status before planning any renovations.
- Look for properties within walking distance of Union Road for maximum capital growth.
- Attend multiple auctions to understand the local bidding 'premium' for renovated homes.
- Verify school zone boundaries as they can change and are strictly enforced.
โ Questions to Ask the Agent
- Is this property subject to a specific Heritage Overlay (HO)?
- Are there any significant trees on the property protected by a Vegetation Protection Overlay (VPO)?
- Which primary school zone does this exact address fall into?
- Has the property had any structural issues related to the local clay soil?
- What are the most recent comparable sales within 500 meters?
- Are there any planned developments in the immediate street?
- How did the property perform during the recent heavy rain events (drainage)?
- What is the current council valuation for land tax purposes?
๐ท๏ธ Seller Strategy
- Highlight energy efficiency upgrades, as many older homes in the area are poorly insulated.
- Professional styling is essential; the local buyer expects a high-end 'turn-key' finish.
- Spring is the peak season, but low winter stock can often lead to record prices.
- Ensure garden maintenance is immaculate to match the suburb's 'leafy' reputation.
๐ฃ Positioning Tips
Position the property as a 'forever home' with a focus on school zones and the lifestyle benefits of the new Union Station precinct.
๐ผ Investment Case
Capital growth play rather than yield play.
โ ๏ธ Investment Risks
Low yield and high maintenance costs for older period homes.
๐ Action Plan
- Target 2-bedroom units or townhouses for better yields.
- Focus on properties within 800m of Union Station.
- Maintain the garden to a high standard to attract premium tenants.
- Consider long-term hold (10+ years) to maximize capital gains.
๐ Renter Tips
- Be prepared with a strong application; competition for family homes is fierce.
- Check for heating/cooling efficiency in older weatherboard homes.
๐๏ธ What Renters Love Here
Access to elite schools and safe, quiet streets.
โ ๏ธ Renter Watch-Outs
Older homes can be expensive to heat in winter.
๐ข Landlord Strategy
- Invest in high-quality heating and cooling systems to retain tenants.
- Regularly prune large trees to prevent gutter and roof damage.
๐ Compliance & Management
Ensure all heritage-listed features are maintained according to council guidelines.
๐ค Agent Insights
- Stock levels remain tight; buyers are often frustrated by lack of choice.
- Off-market sales are common for high-end properties.
๐ฏ Marketing Angles
Heritage charm meets modern convenience; the ultimate family lifestyle hub.
๐ค Target Buyer Profile
Established professional families and downsizing locals.
โ
Due Diligence Checklist
Tap items to tick them off. Don't skip these before signing anything.
โ
Verify Heritage Overlay restrictions via VicPlan.โ
Conduct a thorough building inspection for rising damp (common in older Surrey Hills homes).โ
Check for any Special Building Overlays (SBO) related to drainage.โ
Confirm school catchment areas via findmyschool.vic.gov.au.โ
Review the Section 32 for any unusual easements or covenants.โ
Assess the impact of traffic noise if the property is near Canterbury or Elgar Roads.โ
Check the health of any large canopy trees (arborist report recommended).โ
Verify the proximity to the nearest high-voltage power lines or substations.โ
Review Boroondara/Whitehorse council meeting minutes for nearby planning applications.โ
Check NBN availability and type (FTTP vs FTTN).โ
Evaluate the slope of the land for future extension costs.โ
Confirm the status of any recent renovations (Council permits obtained?).๐ Government Sources & Disclaimer
Official council and government links only. Always verify independently before any property decision.
๐ abs.gov.au ๐ boroondara.vic.gov.au ๐ whitehorse.vic.gov.au ๐ mapshare.vic.gov.au ๐ findmyschool.vic.gov.au ๐ crimestatistics.vic.gov.au
โ ๏ธ Important Disclaimer
This report is for informational purposes only and does not constitute financial or legal advice. Data is based on 2026 projections and historical trends. Buyers should conduct their own independent research and seek professional advice before purchasing.
