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CRAIGIEBURN, 3064 delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value.
Average median house prices in VIC have risen as a whole, pulling CRAIGIEBURN, 3064 values up and netting property investors a capital gain of 8.06% for the past year.
Investors saw the median home price rise to $570,000.
Profits due to an upward trend in home prices in the suburb averaged 3.92% per annum over a 3-year period.
CRAIGIEBURN now ranks at the 469th place on a list of fastest growing suburbs in the territory.
Figures from the previous quarter show that capital gains for real estate buyers in CRAIGIEBURN are low, as opposed to average gains per annum over the past five years.
Because of this real estate investors could earn a rental income of $400 based on current median home prices.
Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In CRAIGIEBURN, homes and units usually stay on listing for an average of 67.3 days.
In 2016, 690 properties were sold in CRAIGIEBURN during the past year, making it the 106th most active market in VIC based on total real estate transactions.
Craigieburn real estate is seeing a surging interest in property investments as first-time buyers and discerning investors begin to take notice of value-for-money homes and units in the urban fringe. Located within 26 kilometres of Melbourne’s central business district, Craigieburn is conveniently located close to offices, recreational areas and public amenities without the hefty price tag. Navigating the city can be done through private car, bus or the Craigieburn line, which the government is upgrading to ease residents’ commute during peak hours.
Craigieburn real estate market overview
Prices have slightly improved in the suburb in the past 10 years, with houses sold in Craigieburn registering a decent increase in prices. The Craigieburn rental market is also creeping up, with rental yield for homes and units averaging between $300 and $500 per week.
One of the residential areas in the Craigieburn that’s gathering a lot of buzz is the Highlands, a master-planned community that features a newly constructed primary school, parklands, shopping centres and a variety of real estate for sale to choose from. The suburb also has a range of new housing estates to suit one’s budget and ideals for community living. Meanwhile, those stopping by for the day can stay at an array of accommodations in Craigieburn, the most popular of which is the Highlands Hotel.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||8.06%||7.97%|
|Median 3 years||11.76%||10.97%|
|Median 5 years||46.15%||19.25%|
|10 years average annual||4.71%||2.2%|
|Weekly media advert. rent||$400||$350|
|Time on Market||67.3 days||82.4 days|
|Gross Rental Yield Percent||3.65%||4.56%|