Property 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...
Homeowners and real estate investors betting on PADSTOW, 2211 can rest assured about this NSW suburb's performance. The suburb saw median home prices rise by 23%.
A steady increase in median property prices over a five-year period in the suburb translates to a 25.7% capital gain.
Property investors in PADSTOW enjoyed capital gains of 23% over the last 12 months translating to lower returns compared with its peers in the territory.
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 $1,230,000.
Profits due to an upward trend in home prices there averaged 8.57% per annum over a 3-year period.
Home owners selling their properties and realtors in PADSTOW usually have to wait an average of 44.6 days days before their assets are lifted off the market.
Average weekly rents on listings have reached the $580 mark, reflecting a 2.45% increase in returns based on the current median price in PADSTOW.
PADSTOW, 2211 places 113th in Australia based on median property value growth during the quarter.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||23%||1.8%|
|Median 3 years||25.7%||10.6%|
|Median 5 years||29.47%||14.53%|
|10 years average annual||8.14%||5.65%|
|Weekly media advert. rent||$580||$432|
|Time on Market||44.6 days||44.9 days|
|Gross Rental Yield Percent||2.45%||3.1%|