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 $1,125,000.
The upward trend in home prices in LORNE, 3232 averaged 12.96% per annum over a 3-year period.
Average weekly rents on listings have reached the N/A mark, reflecting a 0% increase in returns based on the current median price in LORNE.
An average of 5.25 real estate transactions take place per month in LORNE which translates to 63 per annum.
63 properties were sold in LORNE in 2016, making it the 125th most active market in VIC based on total real estate transactions.
LORNE, 3232 places 548th in Australia based on median property value growth during the quarter.
The suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $340,000.
Investors saw the median home price rise to $340,000.
The downward trend in home prices in LORNE, 3232 averaged -12.54% per annum over a 3-year period.
LORNE now ranks at the 339th 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 LORNE are high, as opposed to average gains per annum over the past five years.
It is expected for properties to spend some time on the market prior to a successful sale. In LORNE, homes and units usually stay on listing for an average of 115.5 days.
35 properties were sold in LORNE in 2016, making it the 160th most active market in VIC based on total real estate transactions.
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