Property Market Update: Melbourne, September 2021
Melbourne’s property market kept the ball rolling in September as the city’s dwelling values rose once more during t...
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 $1,840,000.
The upward trend in home prices in DULWICH HILL, 2203 averaged 8.97% per annum over a 3-year period.
Average weekly rents on listings have reached the $695 mark, reflecting a 1.96% increase in returns based on the current median price in DULWICH HILL.
An average of 7 real estate transactions take place per month in DULWICH HILL which translates to 84 per annum.
84 properties were sold in DULWICH HILL in 2016, making it the 92nd most active market in NSW based on total real estate transactions.
DULWICH HILL, 2203 places 1069th in Australia based on median property value growth during the quarter.
Dulwich Hill is a suburb in Sydney’s inner west, within 7.5 kilometres of Sydney’s central business district. Originally established in the late 1700s as an orchard and garden, Dulwich Hill was transformed into a bustling vicinity when it was added as a new route for the Sydney tramway.
Evolution as a suburb
Gentrification of nearby suburbs became a catalyst for Dulwich Hill’s real estate growth, bringing in droves of residents to occupy new developments. The installation of a light rail line also bolstered demand for housing and apartment units, including rental properties, propelling Dulwich Hill’s median home prices to new heights.
A great deal of people relocating to Dulwich Hill are retirees and families who want to raise their kids in a tranquil neighbourhood surrounded by nature, but with ease of access to the CBD. Those who are leaving the suburb, on the other hand, are most likely reselling their homes and cashing in on skyrocketing Dulwich Hill property prices. Many of them have netted more than $1 million per property, on average.
Dulwich Hill has a number of retail and commercial areas centred around its railway station, as well as along Marrickville Road. It has three primary schools and one secondary school, the renowned Dulwich High School of Visual Arts & Design.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||16.09%||-1.27%|
|Median 3 years||26.9%||-0.64%|
|Median 5 years||43.19%||7.64%|
|10 years average annual||8.39%||5.27%|
|Weekly media advert. rent||$695||$440|
|Time on Market||0.0 days||45.6 days|
|Gross Rental Yield Percent||1.96%||2.95%|