QLD has seen average median house prices change by 2.46% which means that Paddington, 4064 has done well for property investors by showing a capital gain of 4.09% over the last year
When looking at the potential capital gains offered to property investors over the last 3 years, Paddington comes in at number 451th in QLD.
Property investors looking for a bargain in Paddington should be aiming for at least -7.40% off the asking price, which is the average vendor discount being achieved at the moment.
Advertised rents are around the $562.5 mark per week – giving a return of 2.94% based on the median price in Suburb
Paddington has had a very poor year for property investment returns compared to the rest of QLD, giving investors a capital gain of -7.59% to date .
The five-year average increase in median property values for Paddington,4064 has given property investors a potential capital gain of 16.29% across each of those five years.
The most recent median price for Paddington is $517500, with sellers offering an average of -6.57% off the asking price.
Paddington is 345th on a list of best yielding suburbs for rents in QLD with a 4.12% return
Paddington’s relative value is certainly a selling point for Herron Todd White’s David Hyne. “Paddington represents good value considering the location and facilities in comparison to other suburbs of similar distance from the city,” he says.Full summary
Information supplied by:
Paddington’s relative value is certainly a selling point for Herron Todd White’s David Hyne. “Paddington represents good value considering the location and facilities in comparison to other suburbs of similar distance from the city,” he says.
Certainly a median price comparison with some of Paddington’s neighbours bears out Hyne’s comments. Milton, Red Hill and Bardon all have a higher median unit price that Paddington according to RP Data figures.
Plus, at just 3km from the CBD, Paddington ticks all the right boxes in terms of accessibility and amenities.
“Paddington is accessible to a number of retail and restaurant hubs, including Latrobe-Given Terrace, Rosalie Village and The Barracks complex on Petrie Terrace,” explains Hyne.
He goes on to add that – after the tragic floods in January 2011 – it’s well worth doing your due diligence on flood prone properties.
Population growth in the Paddington SLA has been good, with the average annual rate over four years coming in at 1.5% according to ABS data. The area’s unemployment rate was 2.2% at last count and Census data reveals that the area’s weekly family income of $1,900 was well above the Queensland average of $1,123.
Paddington’s vacancy rate is extremely low and renters make up about half of the population base. SQM Research expects this figure to rise to 64% in the next five years.Close