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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 $960,000.
The upward trend in home prices in PRESTON, 3072 averaged 7.41% per annum over a 3-year period.
Average weekly rents on listings have reached the $490 mark, reflecting a 2.65% increase in returns based on the current median price in PRESTON.
An average of 23.67 real estate transactions take place per month in PRESTON which translates to 284 per annum.
284 properties were sold in PRESTON in 2016, making it the 340th most active market in VIC based on total real estate transactions.
PRESTON, 3072 places 437th in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $960,000 | $450,500 |
| GROWTH REPORT | ||
| Median Quarterly | -2.04% | -3.12% |
| Median 12 month | -4% | 0.92% |
| Median 3 years | 22.22% | 0.11% |
| Median 5 years | 50.59% | 6.38% |
| 10 years average annual | 7.79% | 2.71% |
| Weekly media advert. rent | $490 | $400 |
| Time on Market | 46.5 days | 50.7 days |
| Gross Rental Yield Percent | 2.65% | 4.62% |
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