Investment property in Kingsville has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 11.63%
While Kingsville,3012 ranked number 352th in VIC for increase in median house value (annualised) increase, it is ranked 185th over the last 5 years.
The most recent median price for Kingsville is $960000, with sellers offering an average of -7.37% off the asking price.
Often selling an investment property can take time, and in Kingsville the average time real estate has been on the market is 71 days.
A $495 per week rent on the median house gives suburb investors a gross yield of circa 2.68%, without taking into account capital value appreciation, which has been averaging out at 7.87%.
At number 1527th in the list of Australian suburbs ordered by increase in median house value over the last year, Kingsville, 3012 is in the BOTTOM 20% with a property value increase of -8.68% recorded in median house prices.
Kingsville,3012 has offered an average of -8.68% return per annum in house price rises to property investors over the last three years.
The most recent median price for Kingsville is $347000, with sellers offering an average of -2.73% off the asking price.
On average over the past year, suburb has had 2.75 sales per month, which equates to 33 per year.
Using the current median advertised rental of $295 and the average annual increase in value of a median property of 3.04%, investors should hope to achieve an overall return of 4.42%
What Kingsville’s units have going for them is affordability. At just 10km east of the CBD, with good road links and a train station just a short walk away, Kingsville’s median unit price is something of a steal.Full summary
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What Kingsville’s units have going for them is affordability. At just 10km east of the CBD, with good road links and a train station just a short walk away, Kingsville’s median unit price is something of a steal.
It may not be the most fashionable of Melbourne’s inner- to middle-ring suburbs, but its one to watch as the ripple effect takes hold.
“I love Kingsville,” says Australian Property Buyers managing director Karin Mackay. “It doesn’t have the cafe latte set that Yarraville and Seddon villages have, but they’re both only about a 15-minute walk away.”
Buyer Solutions director Janet Spencer adds that the Kingsville market has really been driven by the excellent shopping in Yarraville’s Anderson Street, and that the appeal of this shopping district has radiated out towards neighbouring suburbs.
When it comes to what to buy, Mackay points out that the area has traditionally been a good pick for investors looking for apartments from the 60s and 70s to makeover and create some added value.
“But there’s also a new block of around 11 apartments that’s just being completed,” she adds. “And they’re the first new apartments that we’ve seen here for several years.”
Spencer adds that while around 10 years ago the trend was for investors to buy and renovate period homes, it’s Kingsville’s unit market that draws in the investor crowd nowadays.
“Units are the affordable option now. I’d recommend buying two-bedroom units with off-street parking and a laundry.”
Looking at its rental market statistics, renters make up about a third of the suburb’s population.