Rainbow

RAINBOW, 3424 delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value.

Average median house prices in VIC have risen as a whole, pulling RAINBOW, 3424 values up and netting property investors a capital gain of 25.75% for the past year.

Investors saw the median home price rise to $105,000.

Profits due to an upward trend in home prices in the suburb averaged 1.15% per annum over a 3-year period.

RAINBOW now ranks at the 414th 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 RAINBOW are low, as opposed to average gains per annum over the past five years.

Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In RAINBOW, homes and units usually stay on listing for an average of 56.6 days.

In 2016, 21 properties were sold in RAINBOW during the past year, making it the 481st most active market in VIC based on total real estate transactions.