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...
A steady increase in median property prices over a five-year period in the suburb translates to a 21.1% capital gain.
It 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 $330,000
The augmented property values in the suburb are trailing behind the territorial average of 18.67% in 2016.
On the other hand, based on current median home prices for the suburb, Real estate investors could earn a rental income of $335.
Home owners selling their properties and realtors in PORTLAND usually have to wait an average of 81.0 days days before their assets are lifted off the market.
The NSW suburb ranks 69th on the list of best yielding suburbs for rental properties in NSW, posting a 5.28% return.
It also places places 312th in Australia based on median property value growth during the quarter.
Portland is a town situated in the Central Tablelands in NSW that is known for its industrial heritage. The town was named after the first cement works in the country.
Portland’s vistas truly represent what it means to be provincial, with mountain ranges that obscure one’s views of the horizons and makes one wonder what goes on beyond such imposing landscapes. Yet despite its location, there’s no dearth of amenities in Portland: It has a variety of locally-owned shops for restocking the pantry, an Olympic-sized pool, a golf clubhouse, as well as an array of accommodations and restaurants.
History and development
Portland’s reputation as the site of the first cement mining and processing facility makes it a historic mining town; it was said that cement from the town was used to build the city of Sydney from the ground up. The cement facility is long gone and only the town’s coal plant remains, but remnants of its bustling industrial past can still be seen in its old infrastructures, shops, and hotels. All around the city are kitschy murals showing advertising signs of yesteryear, while vintage bits and bobs and memorabilia are sold in some shops.
Dwelling structures in Portland are largely separate or detached houses, with flats and units accounting for a tiny portion of the property pool. A combo of antique, terraced homes, contemporary brick homes and grazing properties make up Portland’s stock on real estate listings. The common price range for Portland properties is from $200,000 to $400,000, though the median home price is only at around $215,000.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||10%||N/A|
|Median 3 years||21.1%||N/A|
|Median 5 years||40.43%||N/A|
|10 years average annual||7.08%||N/A|
|Weekly media advert. rent||$335||N/A|
|Time on Market||81.0 days||N/A|
|Gross Rental Yield Percent||5.28%||N/A|