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A steady increase in median property prices over a five-year period in the suburb translates to a 13.55% capital gain.
Property investors in MORNINGTON enjoyed capital gains of 10% over the last 12 months translating to lower returns compared with its peers in the territory.
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 $880,000.
Profits due to an upward trend in home prices there averaged 4.52% per annum over a 3-year period.
Home owners selling their properties and realtors in MORNINGTON usually have to wait an average of 48.9 days days before their assets are lifted off the market.
Average weekly rents on listings have reached the $512.5 mark, reflecting a 3.03% increase in returns based on the current median price in MORNINGTON.
MORNINGTON, 3931 places 356th in Australia based on median property value growth during the quarter.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||10%||6.31%|
|Median 3 years||13.55%||15.17%|
|Median 5 years||39.68%||45.47%|
|10 years average annual||5.99%||6.37%|
|Weekly media advert. rent||$512.5||$442.5|
|Time on Market||48.9 days||69.2 days|
|Gross Rental Yield Percent||3.03%||3.33%|