Property investors who have had real estate in East Melbourne, 3002 should be pleased with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 13.33%
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in East Melbourne has increased when compared to the 5 year average annual rate.
Renters in Suburb are facing rents around $11550 per annum or $962.5 every week.
With a capital gain of 14.52% for the last 12 months, East Melbourne, 3002 has performed for property investments than its average annual 6.98% property growth over the last 5 years.
Taking the average capital gain, or increase in median house value, East Melbourne,3002 has racked up an average of 14.52% over the period. This ranks it number 461th in the whole country for real estate investors looking at median house price increases.
Our latest figures would indicate that property sellers in East Melbourne are currently offering property investors an average price cut of -5.95% below the asking price at the moment.
On average over the past year, suburb has had 5.75 sales per month, which equates to 69 per year.
Renters in Suburb are facing rents around $5400 per annum or $450 every week.
East Melbourne is a premier suburb on the doorstep of the Melbourne CBD, popular for parks, sporting complexes, education and medical facilities, as well as fine dining and excellent public transport.
Information supplied by:
Top Lane Property
03 8677 2255
Council is committed to the preservation and upkeep of parks, gardens and streetscapes, in this premier suburb. There has been little recent development aside from the prestigious Mercy Hospital (The Clarendon) and upgrading of transport hubs.
Excellent transport options are available within walking distance, as well as access to low floor trams. Full summary
Selling points: East Melbourne has enjoyed consistent capital growth, is very tightly held and is at close proximity to major hospitals, universities and the CBD. Transport includes easy access to tram, train and bus services, major arterials or alternatively a brisk walk to the city centre. With a warm and welcoming community, East Melbourne also boasts rich parklands, open green spaces and wide, landscaped streets. Locals also enjoy access to the very best in fine dining, sporting facilities, shopping and art and cultural events.
Most sought after properties: Two-bedroom houses and large two-bedroom apartments are the most popular. There is also good demand for larger, more expensive homes comprising of three bedrooms or more.
Most common properties: Grand Victorian townhouses and art deco buildings.
Top amenities: Melbourne’s specialist medical facilities are nearby, while multiple transport options at your doorstep provide easy access to major sporting complexes.
Local industry and business: Major hospitals, sporting complexes, car dealerships, and cafes/restaurants.
Recent changes: Council is committed to the preservation and upkeep of parks, gardens and streetscapes, in this premier suburb. There has been little recent development aside from the prestigious Mercy Hospital (The Clarendon) and upgrading of transport hubs.
Best streets: Gipps and Grey St are heavily concentrated with grand Victorian terraces; Powlett St is wide, with large land allotments and prestigious and ornate homes; while Clarendon St features prestige apartments and overlooks Fitzroy Gardens.
Public transport: Excellent transport options are available within walking distance, as well as access to low floor trams.
Main arteries: There is freeway access via the Eastern & M1, Victoria Parade takes you directly into the CBD and Punt Rd leads to St Kilda Beach and the bay.