Stability paving the way for property market gains
The housing market’s continual strength cannot be discounted despite the national property market’s recent dive to its largest value lo...
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 $597,500.
The upward trend in home prices in MELBA, 2615 averaged 6.03% per annum over a 3-year period.
Average weekly rents on listings have reached the $500 mark, reflecting a 4.35% increase in returns based on the current median price in MELBA.
An average of 5.33 real estate transactions take place per month in MELBA which translates to 64 per annum.
64 properties were sold in MELBA in 2016, making it the 20th most active market in ACT based on total real estate transactions.
MELBA, 2615 places 21st in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $597,500 | $397,500 |
| GROWTH REPORT | ||
| Median Quarterly | 4.37% | -19.7% |
| Median 12 month | 8.64% | -16.75% |
| Median 3 years | 18.08% | N/A |
| Median 5 years | 23.83% | N/A |
| 10 years average annual | 3.65% | -2.09% |
| Weekly media advert. rent | $500 | $430 |
| Time on Market | 72.5 days | 0.0 days |
| Gross Rental Yield Percent | 4.35% | 5.63% |
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