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 $1,015,000.
The upward trend in home prices in PRESTON, 3072 averaged 15% per annum over a 3-year period.
Average weekly rents on listings have reached the $475 mark, reflecting a 2.43% increase in returns based on the current median price in PRESTON.
An average of 7.67 real estate transactions take place per month in PRESTON which translates to 92 per annum.
92 properties were sold in PRESTON in 2016, making it the 21st most active market in VIC based on total real estate transactions.
PRESTON, 3072 places 110th 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 $433,750.
Investors saw the median home price rise to $433,750.
The downward trend in home prices in PRESTON, 3072 averaged -0.84% per annum over a 3-year period.
PRESTON now ranks at the 176th 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 $385 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 53.9 days.
71 properties were sold in PRESTON in 2016, making it the 49th most active market in VIC based on total real estate transactions.
If you are running a genuine rental...
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