$3m-plus suburbs double during the pandemic as allure of luxury property grows
With more Australians racking up more savings than ever before and affordability improving across the real estate market, the allure of luxu...
A steady increase in median property prices over a five-year period in the suburb translates to a 12.54% 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 $359,000
The augmented property values in the suburb are trailing behind the territorial average of 10.34% in 2016.
On the other hand, based on current median home prices for the suburb, Real estate investors could earn a rental income of $360.
Home owners selling their properties and realtors in PARK GROVE usually have to wait an average of 70.5 days days before their assets are lifted off the market.
The TAS suburb ranks 39th on the list of best yielding suburbs for rental properties in TAS, posting a 5.21% return.
It also places places 49th in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $359,000 | $295,000 |
| GROWTH REPORT | ||
| Median Quarterly | 5.59% | 0.85% |
| Median 12 month | 6.53% | N/A |
| Median 3 years | 12.54% | -0.84% |
| Median 5 years | 26.86% | 25.53% |
| 10 years average annual | 1.6% | 1.26% |
| Weekly media advert. rent | $360 | $300 |
| Time on Market | 70.5 days | 0.0 days |
| Gross Rental Yield Percent | 5.21% | 5.29% |
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