LANE COVE, 2066 delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.
Average median house prices in NSW have risen as a whole, pulling LANE COVE, 2066 values up and netting property investors a capital gain of 20.53% for the past year.
Investors saw the median home price rise to $2,207,500.
Profits due to an upward trend in home prices in the suburb averaged 16.35% per annum over a 3-year period.
LANE COVE now ranks at the 47th 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 LANE COVE are low, as opposed to average gains per annum over the past five years.
Because of this real estate investors could earn a rental income of $1050 based on current median home prices.
Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In LANE COVE, homes and units usually stay on listing for an average of 36.6 days.
In 2016, 88 properties were sold in LANE COVE during the past year, making it the 52nd most active market in NSW based on total real estate transactions.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||20.53%||2.4%|
|Median 3 years||49.05%||12.99%|
|Median 5 years||94.92%||51.55%|
|10 years average annual||8.56%||6.58%|
|Weekly media advert. rent||$1050||$570|
|Time on Market||36.6 days||49.8 days|
|Gross Rental Yield Percent||2.47%||3.57%|