Property investors see reduced competition from FHBers
Recent market conditions have meant first-home buyers have had to bow out of the property game, and are expected to return by the end of 201...
PRESTON, 3072 ranks 1602nd on the best performing suburbs in Australia in terms of capital gains, returning capital gains of 6.29% for property investors.
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 $970,000.
The upward trend in home prices in PRESTON, 3072 averaged 11.51% per annum over a 3-year period.
Average weekly rents on listings have reached the $480 mark, reflecting a 2.57% increase in returns based on the current median price in PRESTON.
An average of 6.83 real estate transactions take place per month in PRESTON which translates to 82 per annum.
82 properties were sold in PRESTON in 2016, making it the 61st most active market in VIC based on total real estate transactions.
PRESTON, 3072 places 606th in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $970,000 | $482,500 |
| GROWTH REPORT | ||
| Median Quarterly | -3.72% | 9.04% |
| Median 12 month | 6.29% | 12.87% |
| Median 3 years | 34.54% | 7.94% |
| Median 5 years | 61.67% | 23.56% |
| 10 years average annual | 7.49% | 3.39% |
| Weekly media advert. rent | $480 | $385 |
| Time on Market | 66.7 days | 33.6 days |
| Gross Rental Yield Percent | 2.57% | 4.15% |
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