If you’re looking to buy a home in one of Melbourne’s various suburbs, you’re probably wondering what it’s like to live in Springvale Vic. Located in the City of Greater Dandenong and 22km south of Melbourne’s CBD, this quiet suburb comprises a diverse demographic while having some of the most affordable houses.
This Springvale suburb review takes an in-depth look at all the facts and figures surrounding Springvale, so when you’re ready to buy, you’ll know exactly what you’re getting into.
Springvale Demographics – Who Lives There?
Springvale’s population has seen considerable growth in the last ten years. In 2011, there were 19,770 people living in the suburb, and by 2016, this number had jumped to 21,697 – a 9.7% increase.
The suburb’s multicultural community is shown through the fact that over 60% of its residents are from overseas, with many being of Vietnamese (23%), Greek (3%), and Chinese (3%) descent. As Springvale is one of the most multicultural suburbs in the city, you’ll see a variety of produce and cuisine on offer from several markets, restaurants, delicatessens and takeaways.
The predominant age group living in Springvale is 20-29, representing mainly couples with children.
Is Springvale a Good Suburb?
Besides offering affordable housing, this suburb offers excellent suburban experiences suited for all age groups. Springvale has many supermarkets, pharmacies, retail shops, banks, public and private schools accessible by public transportation or car. Springvale train station is one of their primary transport hubs, generally taking 32 minutes to travel directly to Melbourne’s CBD.
If you enjoy the outdoors, there are plenty of parks to visit in Springvale – which is excellent if you have children. Alex Wilkie Nature Reserve, for example, features walking trails, cycle paths and wetlands to explore.
Springvale’s Sandown Racecourse hosts car races throughout the year for speed lovers. You can enjoy a day of fun and excitement with your family or friends, watching race cars zoom around its motor racing circuit. There’s also horse and greyhound racing events held every week.
Springvale Median House Price and Unit Price: How Expensive is Springvale Property?
Springvale is an affordable suburb, and with government plans to further develop infrastructure, house prices could continue to rise. There currently is an average demand for Springvale housing, with visitors per property averaging at 421. Today, the median house price in Springvale is $837,500, with a unit cost of $584,500.
Median House and Unit Prices in Springvale
|Houses||Median Price||Units||Median Price|
|2 Bedroom||$755,000||1 Bedroom||$285,000|
|3 Bedroom||$815,000||2 Bedroom||$490,000|
|4 Bedroom||$928,000||3 Bedroom||$675,000|
Median Rental Price in Springvale
|Houses||Rent Per Week||Units||Rent Per Week|
|2 Bedroom||$335||1 Bedroom||$255|
|3 Bedroom||$388||2 Bedroom||$370|
|4 Bedroom||$480||3 Bedroom||$470|
Houses vs Units – Which is the Better Investment?
Springvale’s property owners have enjoyed a compound growth rate of 5.1% over the last five years. Owners renting their houses, meanwhile, can expect a rental yield of 2.4% annually. This information is based on the Springvale median house price of $837,500, with a weekly rent of $390.
As of now, there are 130 properties available to buy and 101 properties for rent.
Over the last five years, units have increased in price by 5.8%. Renters, on the other hand, can expect to receive an annual yield of 3.4%. This information is based on Springvale’s median unit price of $585,000, with a weekly rent of $385.
Based on these results, it is clear that buying units in Springvale is a better investment. Units have a significantly lower entry cost ($585, 000 vs $837, 500) and generate higher relative yields for the purchaser. Whether you decide to rent or occupy your unit is up to you, however, there is no doubt that units have had the advantage over houses in recent years.
Safety – Springvale Crime Rate
Springvale is located within the Greater City of Dandenong, and as a city, has a crime rate above the state’s average. However, it is essential to note that each suburb is different in its level of crime compared to other suburbs. Therefore the city’s crime rate should only be used as a reference point – after all, no two suburbs are the same.
Things to Do in Springvale
Springvale is a suburb that accommodates people both young and old. There are many places to visit, things to do and sights to see. One overlooked feature Springvale offers to its residents is its proximity to the beach.
Below we’ve listed a few of the most popular places to visit in Springvale if you have spare time:
Springvale Botanical Cemetery
Ok, so you’re probably thinking – ‘why would anyone want to visit a cemetery?’ And it’s true, Springvale Botanical Cemetery is not your typical tourist attraction. There is, however, something enchanting about the old tombstones and broken down statuettes that adorn this historic cemetery.
With its serene atmosphere and environment, you can walk quietly under the cool shade of the trees and admire its various chapels, sculptures and water features.
Bounce is located in Springvale Indoor Sports centre and features a range of inflatable slides, bouncy castles, trampolines and obstacle courses perfect for all ages. It’s the ideal retreat for your little ones to expend their large energy reserves and get their bounce on. You can even book a private party or event!
Wat Khmer Temple
Springvale’s diverse community is home to various religions and cultures. This is evident with the Wat Khmer Temple, an ornate Cambodian Buddhist pagoda situated in Springvale.
It features colourful ornamental tiles and unique Khmer style decorations that create a breathtaking temple to behold. Wat Khmer Temple is a great place to visit if you’re interested in other cultures or just want an excellent lesson in history.
Springvale market is the heart of the suburb’s community, offering produce at bargain prices. Open all days of the week from 10 am to 6 pm, the market houses all kinds of products from fresh fruit and vegetables to DVDs from two-dollar stores.
Its layout consists of multiple sections, each catering to varying needs. There’s a fresh fruit section, meat section, and frozen seafood section that offers barramundi, king prawns, salmon and more.
Springvale Suburb Profile – A Conclusion
Springvale is a leafy suburb that offers many features for both young and old. With its wide streets and quiet suburbia, you can enjoy the best of both worlds with quick access to a central train station, freeways and an abundance of amenities. For people looking to get their feet wet in the real estate market, Springvale is a great place to start.
Curious to learn more about other nearby suburbs? Check our suburb profile review on Clayton to find out more.