Vacancy rates hold steady
Vacancy rates have come to a standstill in some areas, remaining at 2.2 per cent nationwide. ...
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 $985,000.
The upward trend in home prices in PRESTON, 3072 averaged 3.56% per annum over a 3-year period.
Average weekly rents on listings have reached the $510 mark, reflecting a 2.69% increase in returns based on the current median price in PRESTON.
An average of 21.5 real estate transactions take place per month in PRESTON which translates to 258 per annum.
258 properties were sold in PRESTON in 2016, making it the 387th most active market in VIC based on total real estate transactions.
PRESTON, 3072 places 105th in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $985,000 | $481,000 |
| GROWTH REPORT | ||
| Median Quarterly | 5.35% | -0.82% |
| Median 12 month | 5.69% | 4.23% |
| Median 3 years | 10.67% | 9.82% |
| Median 5 years | 42.75% | 8.09% |
| 10 years average annual | 6.5% | 1.71% |
| Weekly media advert. rent | $510 | $420 |
| Time on Market | 58.4 days | 65.2 days |
| Gross Rental Yield Percent | 2.69% | 4.54% |
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