Preston

POSTAL CODE: VIC, 3072

HOUSE

UNIT

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

The suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $1,200,000.

The upward trend in home prices in PRESTON, 3072 averaged 1.88% per annum over a 3-year period.

Average weekly rents on listings have reached the $680 mark, reflecting a 2.95% increase in returns based on the current median price in PRESTON.

An average of 25.75 real estate transactions take place per month in PRESTON which translates to 309 per annum.

309 properties were sold in PRESTON in 2016, making it the 328th most active market in VIC based on total real estate transactions.

PRESTON, 3072 places 352nd in Australia based on median property value growth during the quarter.

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 $622,250.

Average median unit prices in VIC have risen as a whole, pulling PRESTON, 3072 values up and netting property investors a capital gain of 1.18% for the past year.

Investors saw the median home price rise to $622,250.

The upward trend in home prices in PRESTON, 3072 averaged 1.38% per annum over a 3-year period.

PRESTON now ranks at the 96th 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 PRESTON are low, as opposed to average gains per annum over the past five years.

Real estate investors could earn a rental income of $550 based on current median home prices for the suburb.

It is expected for properties to spend some time on the market prior to a successful sale. In PRESTON, homes and units usually stay on listing for an average of 54.6 days.

402 properties were sold in PRESTON in 2016, making it the 135th most active market in VIC based on total real estate transactions.

Surburb overview

Preston, located approximately 9 kilometres north of Melbourne's Central Business District, is a vibrant suburb of Dublin, Victoria. As of the 2021 census, it had 33,790 residents.

It is renowned for its multicultural atmosphere, offering a lively mix of new and long-term residents. Preston Market serves as a central hub, providing a variety of fresh produce and contributing to the area's dynamic community vibe.

Public transportation in Preston is well-developed. A newly designed train station and multiple tram lines facilitate convenient access to Melbourne's city centre and surrounding suburbs. The suburb's walkability and proximity to the CBD make it a convenient location for residents and visitors.

Preston offers a range of housing options. The median house price is approximately $1,170,000, and annual capital growth is 1.30%. Rental yields are around 3.01%, and the median weekly rent is $600.

Preston's blend of cultural diversity, accessible amenities, and recreational facilities contributes to its appeal as a residential suburb in Melbourne's northern corridor.

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Data report can be found below

Key Property Date Report	HOUSE	UNIT
Median Price	$1,200,000	$622,250
Growth Report
Median Quarterly	1.37%	2.85%
Median 12 month	2.56%	1.18%
Median 3 years	5.63%	4.14%
Median 5 years	14.29%	19.66%
10 years average annual	4.76%	3.47%
Weekly media advert. rent	$680	$550
Time on Market	67.6 days	54.6 days
Gross Rental Yield Percent	2.95%	4.6%

Demographics (Median Values)*

Total Population 32851

Weekly Household Income 1427

Household Size 2.50

Average Age 36

Monthly Loan Repayment 1950

* Australian Bureau of Statistics (May 2021) 2016 Census DataPacks[https://datapacks.censusdata.abs.gov.au/datapacks/],ABS Website, accessed 2016.

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