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Property investors enjoyed capital gains of 7.76% over the last 12 months in OFFICER, translating to lower returns compared with its peers in VIC.
Figures from the previous quarter show that capital gains for real estate buyers in OFFICER are low, as opposed to average gains per annum over the past five years.
The suburb posted a 15.63% growth in median prices over a three-year period. This is considerably lower than the gains it recorded over the past year.
This number can mean, real estate investors could earn a rental income of $400 based on current median home prices for the suburb.
On average, rents on listings have reached the $400 mark, reflecting a 3.33% increase in returns based on the current median price in OFFICER.
OFFICER, 3809 ranks 598th in VIC in terms of median property value increase and capital gains, based on year-to-date figures.
While it ranks 220th on the list of best yielding suburbs for rental properties in VIC, posting a 3.33% return.
Officer, a satellite suburb of Melbourne, is a quiet, expanding neighbourhood that’s part of the Shire of Cardinia. It is situated near the suburbs of Pakenham, Berwick, Cranbourne and Narre Warren.
Families prefer Officer because of its closeness to the amenities, restaurants, shopping centres, hospitals and schools. Officer has its own retail and commercial hub, the Arena Shopping Centre, where locals can get their fill of amazing lifestyle products and services.
Officer also boasts of an efficient transport system, making it convenient for motorists and commuters to get from one point to another. The Princes Highway and Freeway link Officer with other suburbs.
Officer has a young population composed of 30-something working professionals and families. Majority of the property they own are detached multi-unit properties, with a median price that doesn’t break the bank.
Officer’s local council announced that it will be adding new residential and mixed-use developments that will provide real estate buyers a variety of dwelling spaces to choose from. It estimated that about 30,000 people will live in the suburb in the next decade. Should the government’s projects push through, this will certainly liven up Officer’s property market and buoy its local economy.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||7.76%||9.94%|
|Median 3 years||15.63%||12.53%|
|Median 5 years||78.57%||28.77%|
|10 years average annual||5.39%||8.75%|
|Weekly media advert. rent||$400||$375|
|Time on Market||40.5 days||19.9 days|
|Gross Rental Yield Percent||3.33%||4.15%|