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12 MIN READProperty Market Update: Melbourne, December 2021
Melbourne capped off a bumpy 2021 with double-digit annual growth, triumphing over gloomy start-of-the-year forecasts. H...
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LurneaLurnea - SUBURB PROFILE REPORT
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LURNEA, 2170 ranks 2815th on the best performing suburbs in Australia in terms of capital gains, returning capital gains of 14.08% 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 $810,000.
The upward trend in home prices in LURNEA, 2170 averaged 5.24% per annum over a 3-year period.
Average weekly rents on listings have reached the $450 mark, reflecting a 2.89% increase in returns based on the current median price in LURNEA.
An average of 8.92 real estate transactions take place per month in LURNEA which translates to 107 per annum.
107 properties were sold in LURNEA in 2016, making it the 1507th most active market in NSW based on total real estate transactions.
LURNEA, 2170 places 841st in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $810,000 | $590,000 |
| GROWTH REPORT | ||
| Median Quarterly | 5.88% | 3.96% |
| Median 12 month | 14.08% | 19.19% |
| Median 3 years | 15.71% | 11.32% |
| Median 5 years | 24.81% | 7.27% |
| 10 years average annual | 8.69% | 8.05% |
| Weekly media advert. rent | $450 | $410 |
| Time on Market | 40.9 days | 31.8 days |
| Gross Rental Yield Percent | 2.89% | 3.61% |
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