Demand For Homes Stays High In 1 State While The Rest Fall Back
Rising interest rates have eased demand from potential buyers, which has been reflected in the slowing of home price gro...
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 6.33% for the past year.
Investors saw the median home price rise to $882,500.
Profits due to an upward trend in home prices in the suburb averaged 7.95% per annum over a 3-year period.
MELVILLE now ranks at the 265th 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 $635 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 27.1 days.
In 2016, 140 properties were sold in MELVILLE during the past year, making it the 411th most active market in WA based on total real estate transactions.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||6.33%||-3.16%|
|Median 3 years||23.86%||11.43%|
|Median 5 years||13.5%||-1.38%|
|10 years average annual||2.54%||2.46%|
|Weekly media advert. rent||$635||$445|
|Time on Market||27.1 days||63.9 days|
|Gross Rental Yield Percent||3.74%||4.72%|