Property market update: Melbourne, March 2020
The world came to a halt in March following the imposition of city-wide lockdowns to combat the spread of COVID-19. How will the Melbourne p...
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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 $625,000.
The downward trend in home prices in LURNEA, 2170 averaged -1.65% per annum over a 3-year period.
Average weekly rents on listings have reached the $450 mark, reflecting a 3.74% increase in returns based on the current median price in LURNEA.
An average of 6 real estate transactions take place per month in LURNEA which translates to 72 per annum.
72 properties were sold in LURNEA in 2016, making it the 162nd most active market in NSW based on total real estate transactions.
LURNEA, 2170 places 1068th in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $625,000 | $524,500 |
| GROWTH REPORT | ||
| Median Quarterly | -3.7% | 0.87% |
| Median 12 month | -9.55% | -1.04% |
| Median 3 years | -4.94% | -6.3% |
| Median 5 years | 19.05% | 38.03% |
| 10 years average annual | 6.94% | 6.68% |
| Weekly media advert. rent | $450 | $400 |
| Time on Market | 74.5 days | 58.0 days |
| Gross Rental Yield Percent | 3.74% | 3.97% |
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