Office investment in Melbourne is boosting resi investment
Melbourne has been listed as an international investment hotspot and its increase in office investment is helping push up residential invest...
Based on its average 5-year and quarterly capital gains, the suburb saw average decrease in the long term.
The suburb 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 $550,000.
The downward trend in home prices in NORANDA, 6062 averaged -4.69% per annum over a 3-year period.
Average weekly rents on listings have reached the $400 mark, reflecting a 3.78% increase in returns based on the current median price in NORANDA.
An average of 6.33 real estate transactions take place per month in NORANDA which translates to 76 per annum.
76 properties were sold in NORANDA in 2016, making it the 41st most active market in WA based on total real estate transactions.
NORANDA, 6062 places 310th in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $550,000 | $270,000 |
| GROWTH REPORT | ||
| Median Quarterly | -3.51% | N/A |
| Median 12 month | -5.17% | -15.63% |
| Median 3 years | -14.06% | -28.48% |
| Median 5 years | -9.09% | -21.74% |
| 10 years average annual | 0.8% | -1.45% |
| Weekly media advert. rent | $400 | $270 |
| Time on Market | 84.1 days | 109.5 days |
| Gross Rental Yield Percent | 3.78% | 5.2% |
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