MELBA, 2615 ranks 2619th on the best performing suburbs in Australia in terms of capital gains, returning capital gains of 3.16% for property investors.
Based on its average 5-year and quarterly capital gains, the suburb saw average growth in the long term.
The suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $603,500.
The upward trend in home prices in MELBA, 2615 averaged 7.31% per annum over a 3-year period.
Average weekly rents on listings have reached the $500 mark, reflecting a 4.31% increase in returns based on the current median price in MELBA.
An average of 3.25 real estate transactions take place per month in MELBA which translates to 39 per annum.
39 properties were sold in MELBA in 2016, making it the 42nd most active market in ACT based on total real estate transactions.
MELBA, 2615 places 14th in Australia based on median property value growth during the quarter.
The suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $450,000.
Average median unit prices in ACT have risen as a whole, pulling MELBA, 2615 values up and netting property investors a capital gain of 27.84% for the past year.
Investors saw the median home price rise to $450,000.
MELBA now ranks at the 7th place on a list of fastest growing suburbs in the territory.
Figures from the previous quarter show that capital gains for real estate buyers in MELBA are high, as opposed to average gains per annum over the past five years.
Real estate investors could earn a rental income of $380 based on current median home prices for the suburb.
It is expected for properties to spend some time on the market prior to a successful sale. In MELBA, homes and units usually stay on listing for an average of 0.0 days.
22 properties were sold in MELBA in 2016, making it the 40th most active market in ACT based on total real estate transactions.
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