Melbourne overtakes Sydney as the busiest city for auctions
Melbourne was host to 894 auctions over the past week, overtaking Sydney as the busiest capital city for auctions. ...
Based on its average 5-year and quarterly capital gains, the suburb saw average growth in the long term.
The suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $740,000.
The downward trend in home prices in PRESTONS, 2170 averaged -1.3% per annum over a 3-year period.
Average weekly rents on listings have reached the $540 mark, reflecting a 3.79% increase in returns based on the current median price in PRESTONS.
An average of 10.08 real estate transactions take place per month in PRESTONS which translates to 121 per annum.
121 properties were sold in PRESTONS in 2016, making it the 1241st most active market in NSW based on total real estate transactions.
PRESTONS, 2170 places 733rd in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $740,000 | N/A |
| GROWTH REPORT | ||
| Median Quarterly | 1.09% | N/A |
| Median 12 month | 1.4% | N/A |
| Median 3 years | -3.9% | N/A |
| Median 5 years | 14.73% | N/A |
| 10 years average annual | 5.29% | N/A |
| Weekly media advert. rent | $540 | N/A |
| Time on Market | 46.2 days | N/A |
| Gross Rental Yield Percent | 3.79% | N/A |
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