Why commercial is the new residential
Gone are the golden days where you could purchase residential properties with yields of 6, 7 or 8 per cent or build a self-sustaining prope...
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 $1,348,500.
The upward trend in home prices in RICHMOND, 3121 averaged 2.63% per annum over a 3-year period.
Average weekly rents on listings have reached the $650 mark, reflecting a 2.51% increase in returns based on the current median price in RICHMOND.
An average of 15.25 real estate transactions take place per month in RICHMOND which translates to 183 per annum.
183 properties were sold in RICHMOND in 2016, making it the 517th most active market in VIC based on total real estate transactions.
RICHMOND, 3121 places 372nd in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $1,348,500 | $605,000 |
| GROWTH REPORT | ||
| Median Quarterly | 1.77% | -1.63% |
| Median 12 month | 9.81% | 1.17% |
| Median 3 years | 7.88% | 5.22% |
| Median 5 years | 26.32% | 8.04% |
| 10 years average annual | 4.74% | 1.57% |
| Weekly media advert. rent | $650 | $460 |
| Time on Market | 61.7 days | 50.5 days |
| Gross Rental Yield Percent | 2.51% | 3.95% |
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