Property value increases in West Melbourne have tracked just higher than the VIC average of 7.80% over the last 12 months.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in West Melbourne has increased when compared to the 5 year average annual rate.
Using the current median advertised rental of $540 and the average annual increase in value of a median property of 7.91%, investors should hope to achieve an overall return of 3.17%
Investment property in West Melbourne has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -13.29%
West Melbourne,3003 was ranked 1333 in Australia by increase in median property value over the quarter.
Property buyers and investors in West Melbourne 3003 should be seeing an average reduction in asking price of around -3.90% . This means that West Melbourne is holding prices well when compared to other suburbs in VIC.
In the last year 78 properties changed hands in West Melbourne, which puts it as the 115th most active market in VIC when comparing the number of sales per suburb.
Renters in Suburb are facing rents around $5520 per annum or $460 every week.