PRAHRAN, 3181 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 $1,500,000.
Profits due to an upward trend in home prices in the suburb averaged 9% per annum over a 3-year period.
PRAHRAN now ranks at the 501st 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 PRAHRAN are low, as opposed to average gains per annum over the past five years.
Because of this real estate investors could earn a rental income of $680 based on current median home prices.
Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In PRAHRAN, homes and units usually stay on listing for an average of 76.3 days.
In 2016, 152 properties were sold in PRAHRAN during the past year, making it the 550th most active market in VIC based on total real estate transactions.
PRAHRAN ranks 343rd in VIC when it comes to estimated capital gains experienced by property investors over the past three years.
PRAHRAN, 3181 has a capital gain of 3.61% for the past year, which is higher than average compared to its 11.47% growth within a five-year period.
With the median home price in PRAHRAN sitting at $529,500, and the average rent at $400.5, property owners could potentially earn a 3.93% increase in gross rental yield.
Property investors have seen a -2.17% drop in PRAHRAN based on a decrease in median home prices for the past three months.
A survey of average capital gains or median home price increase in suburbs across the country shows that PRAHRAN, 3181 obtained a 3.82% growth over a ten-year period. It ranks 861st on our list of suburbs that property investors should look into.