How Will The Budget Impact The Housing Market?
While the 2021 budget included a number of measures relevant to property investors, an expert has questioned whether any...
MELVILLE, 6156 delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.
Average median house prices in WA have risen as a whole, pulling MELVILLE, 6156 values up and netting property investors a capital gain of 8.18% for the past year.
Investors saw the median home price rise to $860,000.
Profits due to an upward trend in home prices in the suburb averaged 5.94% per annum over a 3-year period.
MELVILLE now ranks at the 318th place on a list of fastest growing suburbs in the territory.
Figures from the previous quarter show that capital gains for real estate buyers in MELVILLE are low, as opposed to average gains per annum over the past five years.
Because of this real estate investors could earn a rental income of $500 based on current median home prices.
Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In MELVILLE, homes and units usually stay on listing for an average of 46.1 days.
In 2016, 99 properties were sold in MELVILLE during the past year, making it the 3rd most active market in WA based on total real estate transactions.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||8.18%||29.35%|
|Median 3 years||17.81%||13.46%|
|Median 5 years||9.28%||-8.61%|
|10 years average annual||1.39%||2.13%|
|Weekly media advert. rent||$500||$420|
|Time on Market||46.1 days||81.6 days|
|Gross Rental Yield Percent||3.02%||4.2%|