House prices see largest price drop for last 7 years
A property institute has claimed house prices have seen their largest drop since December 2011, giving buyers the opportunity to add to thei...
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 $1,050,000.
The upward trend in home prices in LORNE, 3232 averaged 9.61% per annum over a 3-year period.
Average weekly rents on listings have reached the $410 mark, reflecting a 2.03% increase in returns based on the current median price in LORNE.
An average of 4.58 real estate transactions take place per month in LORNE which translates to 55 per annum.
55 properties were sold in LORNE in 2016, making it the 167th most active market in VIC based on total real estate transactions.
LORNE, 3232 places 674th in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $1,050,000 | $650,000 |
| GROWTH REPORT | ||
| Median Quarterly | -10.64% | 7% |
| Median 12 month | -6.67% | N/A |
| Median 3 years | 28.83% | 4.42% |
| Median 5 years | 29.63% | 16.07% |
| 10 years average annual | 4.24% | 5.08% |
| Weekly media advert. rent | $410 | N/A |
| Time on Market | 102.4 days | 77.4 days |
| Gross Rental Yield Percent | 2.03% | N/A |
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