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A steady increase in median property prices over a five-year period in the suburb translates to a 8.04% capital gain.
Property investors in TARNEIT enjoyed capital gains of 6.14% over the last 12 months translating to lower returns compared with its peers in the territory.
The suburb 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 $605,000.
Profits due to an upward trend in home prices there averaged 2.68% per annum over a 3-year period.
Home owners selling their properties and realtors in TARNEIT usually have to wait an average of 55.1 days days before their assets are lifted off the market.
Average weekly rents on listings have reached the $380 mark, reflecting a 3.27% increase in returns based on the current median price in TARNEIT.
TARNEIT, 3029 places 508th in Australia based on median property value growth during the quarter.
Tarneit is a suburb located 25 kilometres west of the Melbourne central business district. It is under the jurisdiction of the City of Wyndham.
Tarneit is currently reaping the benefits of the immense growth undergone by its neighbouring suburbs. Residents and visitors, in fact, are quick to notice the changes that the suburb has seen in just a span of years. Nearly 20 housing estates have been established, are near completion, or are about to commence in Tarneit, yet its real estate growth shows no signs of slowing down. Such upcoming residential havens are accepting interests from buyers for several vacant lots for sale.
Access to commercial centres
Tarneit’s proximity to retail hubs and facilities in Werribee and Hoppers Crossing makes it an attractive destination for property buyers. Moreover, travelling from Tarneit to Melbourne CBD by car is just about 40 minutes, allowing residents to enjoy a cosmopolitan lifestyle that the city provides. Tarneit in itself is self-sustaining, boasting a number of shops that can cater to residents’ day-to-day needs.
The suburb is also great for families with children as it has a number of academic institutions to choose from. It also features an efficient transport link, as well as a new railway system that would make getting in and out of Tarneit convenient.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||6.14%||-1.04%|
|Median 3 years||8.04%||8.3%|
|Median 5 years||34.44%||29.85%|
|10 years average annual||5.12%||4.68%|
|Weekly media advert. rent||$380||$340|
|Time on Market||55.1 days||92.0 days|
|Gross Rental Yield Percent||3.27%||4.14%|