Office investment in Melbourne is boosting resi investment
Melbourne has been listed as an international investment hotspot and its increase in office investment is helping push up residential invest...
A 12.2% increase in median property prices in NEW NORFOLK, 7140 has allowed this suburb to join the ranks of best performing suburbs in TAS, settling at number 86th.
A steady increase in median property prices over a five-year period in the suburb translates to a 15% 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 $230,001
The augmented property values in the suburb are trailing above the territorial average of 10.51% in 2016.
On the other hand, based on current median home prices for the suburb, Real estate investors could earn a rental income of $300.
Home owners selling their properties and realtors in NEW NORFOLK usually have to wait an average of 56.3 days days before their assets are lifted off the market.
The TAS suburb ranks 20th on the list of best yielding suburbs for rental properties in TAS, posting a 6.78% return.
It also places places 47th in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $230,001 | $203,500 |
| GROWTH REPORT | ||
| Median Quarterly | 4.55% | 1.75% |
| Median 12 month | 12.2% | 5.71% |
| Median 3 years | 15% | -3.67% |
| Median 5 years | 24.32% | 7.53% |
| 10 years average annual | 2.64% | -1.69% |
| Weekly media advert. rent | $300 | $222.5 |
| Time on Market | 56.3 days | 87.6 days |
| Gross Rental Yield Percent | 6.78% | 5.69% |
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