Migration cut plans set to impact property market
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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 $1,331,000.
The upward trend in home prices in HIGHETT, 3190 averaged 15.66% per annum over a 3-year period.
Average weekly rents on listings have reached the $542.5 mark, reflecting a 2.12% increase in returns based on the current median price in HIGHETT.
An average of 9.25 real estate transactions take place per month in HIGHETT which translates to 111 per annum.
111 properties were sold in HIGHETT in 2016, making it the 687th most active market in VIC based on total real estate transactions.
HIGHETT, 3190 places 434th in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $1,331,000 | $582,500 |
| GROWTH REPORT | ||
| Median Quarterly | -0.19% | 2.46% |
| Median 12 month | 4.39% | 3.1% |
| Median 3 years | 46.99% | -5.28% |
| Median 5 years | 97.19% | 13.11% |
| 10 years average annual | 8.5% | 3.55% |
| Weekly media advert. rent | $542.5 | $430 |
| Time on Market | 46.8 days | 73.2 days |
| Gross Rental Yield Percent | 2.12% | 3.84% |
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