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The suburb’s capital gain of 6.61% for the past year is higher than average compared to its -7.94% growth within a five-year period.
Also in VICTORIA PARK, the median home price is sitting at $644,444, and the average rent at $425, this suggests property owners could potentially earn a 3.43% increase in gross rental yield.
Property investors have seen a 1.49% gain in VICTORIA PARK based on an increase in median home prices for the past three months.
A survey of average capital gains or median home price increase in suburbs across the country shows that this suburb obtained a 1.06% growth over a ten-year period. It ranks 3603rd on our list of suburbs that property investors should look into.
A stroll through Victoria Park’s Albany Highway could transport one to a small European village, with curious shops and chic cafes interspersed with heritage buildings and homes in Victorian or Edwardian style. It’s hard to imagine considering that the urban sprawl has made it into its borders, and it’s just 13 minutes away from Perth’s central business district.
Victoria Park is a well-serviced community and hosts a wide range of amenities, including various schools, an effective transport links, beautiful parks and good lifestyle precincts. It is also home to charming historic hotels, such as the Victoria Park Hotel, and wellness centers. The suburb is situated next to East Victoria Park.
Victoria Park has a young population with a median age of 33. Majority of the people who live in the suburb are Australian-born, while others hail from England, New Zealand, Malaysia and Indonesia. South Asians and Italians also make up a considerable portion of the population. Victoria Park’s population now numbers 10,016.
Detached or separate houses account for the biggest share of the dwelling spaces available in Victoria Park. Second in rank are flats, units or apartments, followed by semi-detached, row or townhouse. Rooms for rent in Victoria Park are abundant, which explain the lower rates in the suburb.
Victoria Park has a lukewarm housing market, with a median price growing at a gradual and steady pace for homes at 2.86 per cent and units at 3.94 per cent. Along with this growth is the rental income for properties, which reflect a 3.73 per cent increase for homes and 3.5 per cent for units.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||6.61%||1.02%|
|Median 3 years||0.62%||-7.45%|
|Median 5 years||-7.94%||-3.62%|
|10 years average annual||1.06%||1.1%|
|Weekly media advert. rent||$425||$315|
|Time on Market||56.9 days||78.8 days|
|Gross Rental Yield Percent||3.43%||3.91%|