Property market update: Melbourne, December 2018
After an unprecedented property boom, the Melbourne market started to soften in 2018—a trend further enhanced by the tightening of credit ...
Property investors enjoyed capital gains of 26.7% 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 75% 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 $390 based on current median home prices for the suburb.
On average, rents on listings have reached the $390 mark, reflecting a 3.62% increase in returns based on the current median price in OFFICER.
OFFICER, 3809 ranks 32nd in VIC in terms of median property value increase and capital gains, based on year-to-date figures.
While it ranks 212th on the list of best yielding suburbs for rental properties in VIC, posting a 3.62% return.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $560,000 | N/A |
| GROWTH REPORT | ||
| Median Quarterly | 4.67% | N/A |
| Median 12 month | 26.7% | N/A |
| Median 3 years | 75% | N/A |
| Median 5 years | 47.37% | N/A |
| 10 years average annual | 7.4% | N/A |
| Weekly media advert. rent | $390 | N/A |
| Time on Market | 34.2 days | N/A |
| Gross Rental Yield Percent | 3.62% | N/A |
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