AREA REPORTS

West Melbourne

Suburb Profile

West Melbourne - FREE SUBURB PROFILE REPORT
POSTAL CODE: VIC,3003

house
unit

Property investments in WEST MELBOURNE fare well against the rest of the country last year, registering a median home price increase of 35.23%.

Figures from the previous quarter show that capital gains for real estate buyers in the territory are low, as opposed to average gains per annum over the past five years.

Based on its average 5-year and quarterly capital gains WEST MELBOURNE, 3003 saw average growth in the long term.

Real estate investors could earn a rental income of $630 based on current median home prices for the suburb.

It is expected, nonetheless, for properties to spend some time on the market prior to a successful sale. homes and units usually stay on listing for an average of 74.2 days.

Besides that, the Australian suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.

Property investors perceived the median home price rise to $1,460,500.

WEST MELBOURNE ranks 502nd on the list of best yielding suburbs for rental properties in VIC, posting a 2.24% return.

Data report can be found below

KEY PROPERTY DATA REPORT HOUSE UNIT
Median Price $1,460,500 $563,500
GROWTH REPORT
Median Quarterly 8.35% 5.21%
Median 12 month 35.23% 8.68%
Median 3 years 87.85% 6.54%
Median 5 years 87.24% 35.13%
10 years average annual 11.47% 2.66%
Weekly media advert. rent $630 $500
Time on Market 74.2 days 84.0 days
Gross Rental Yield Percent 2.24% 4.61%
demographics (median values)
Total Population
3037
Weekly Household Income
1436
Household Size
2.20
demographics
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