Property value increases in Unley have tracked lower than the SA average of 3.22% over the last 12 months.
Unley,5061 was ranked 3830 in Australia by increase in median property value over the quarter.
Property investors looking for a bargain in Unley should be aiming for at least -7.61% off the asking price, which is the average vendor discount being achieved at the moment.
Using the current median advertised rental of $550 and the average annual increase in value of a median property of 6.27%, investors should hope to achieve an overall return of 3.26%
At number 513th in the list of Australian suburbs ordered by increase in median house value over the last year, Unley, 5061 is in the top 30% with a property value increase of 7.79% recorded in median house prices.
Across a shorter period, Unley, 5061 has seen a median price increase of 0.10% over the last quarter.
LACK OF BUYER INTEREST may well be the reason that Unley is offering property investors an average of -6.20. This rate of discount on properties puts Suburb at number 132th in terms of most discounted suburbs in SA
Using the current median advertised rental of $342.5 and the average annual increase in value of a median property of 5.50%, investors should hope to achieve an overall return of 3.39%
Located just 3 km from Adelaide CBD, Unley also offers good renovation opportunities, says property academic Peter Koulizos.Full summary
Information supplied by:
Located just 3 km from Adelaide CBD, Unley also offers good renovation opportunities, says property academic Peter Koulizos.
“There are a lot of character homes that you can transform to get a tidy profit,” he says.
For maximum profit, Koulizos says small to medium sized homes are the best due to the suburb’s high median.
“If you buy a larger home in Unley, it’s going to cost you a million dollars. The sort of renovations you want to do to a million dollar home have to be substantial, and the people who want to do that want to do it to their own taste. So you want to stick with smaller homes around the $400-500,000 mark," says Koulizos.
He suggests that the most profitable renovations in Unley are to modernise the kitchen and bathroom, and upgrade the flooring.
“People like older homes but modern day conveniences. They like modern kitchens and bathrooms so it’s ok to have modern décor inside and the period style décor style outside,” he says.