A 23.73% increase in median property prices in SOMERVILLE, 3912 has allowed this suburb to join the ranks of best performing suburbs in VIC, settling at number 76th.
A steady increase in median property prices over a five-year period in the suburb translates to a 46.84% capital gain.
It 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 $580,000
The augmented property values in the suburb are trailing above the territorial average of 11.48% in 2016.
On the other hand, based on current median home prices for the suburb, Real estate investors could earn a rental income of $400.
Home owners selling their properties and realtors in SOMERVILLE usually have to wait an average of 32.5 days days before their assets are lifted off the market.
The VIC suburb ranks 255th on the list of best yielding suburbs for rental properties in VIC, posting a 3.59% return.
It also places places 96th in Australia based on median property value growth during the quarter.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||23.73%||21.82%|
|Median 3 years||46.84%||20%|
|Median 5 years||61.11%||34.67%|
|10 years average annual||8.01%||6.59%|
|Weekly media advert. rent||$400||$330|
|Time on Market||32.5 days||21.6 days|
|Gross Rental Yield Percent||3.59%||4.27%|