Property market update: Melbourne, December 2018
After an unprecedented property boom, the Melbourne market started to soften in 2018—a trend further enhanced by the tightening of credit ...
A steady increase in median property prices over a five-year period in the suburb translates to a 16.43% capital gain.
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 $1,010,000.
Profits due to an upward trend in home prices there averaged 5.48% per annum over a 3-year period.
Home owners selling their properties and realtors in PADSTOW usually have to wait an average of 63.4 days days before their assets are lifted off the market.
Average weekly rents on listings have reached the $560 mark, reflecting a 2.88% increase in returns based on the current median price in PADSTOW.
PADSTOW, 2211 places 841st in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $1,010,000 | $660,000 |
| GROWTH REPORT | ||
| Median Quarterly | -6.7% | -4.69% |
| Median 12 month | -4.27% | -14.06% |
| Median 3 years | 16.43% | 6.97% |
| Median 5 years | 62.44% | 36.93% |
| 10 years average annual | 8.4% | 5.38% |
| Weekly media advert. rent | $560 | $480 |
| Time on Market | 63.4 days | 44.8 days |
| Gross Rental Yield Percent | 2.88% | 3.78% |
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