Property investments in WEST MELBOURNE fare well against the rest of the country last year, registering a median home price increase of 20.16%.
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 $635 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 77.2 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 $1,348,000.
WEST MELBOURNE ranks 468th on the list of best yielding suburbs for rental properties in VIC, posting a 2.45% return.
Profits due to an upward trend in home prices in WEST MELBOURNE, 3003 averaged 1.96% per annum over a 3-year period.
Average weekly rents on listings have reached the $495 mark, reflecting a 4.77% increase in returns based on the current median price in WEST MELBOURNE.
An average of 16.25 real estate transactions take place per month in WEST MELBOURNE which translates to 195 per annum.
195 properties were sold in WEST MELBOURNE during the past year, making it the 264th most active market in VIC based on total real estate transactions.
WEST MELBOURNE, 3003 places 238th in Australia based on median property value growth during the quarter.
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