Property investors who have had real estate in Kingsville, 3012 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 16.78%
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Kingsville has increased when compared to the 5 year average annual rate.
Kingsville, 3012 is offering VIC ‘s 119th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 20% of discounts offered by this VIC.
At number 1442 in a list of fastest selling suburbs, Kingsville is in the TOP 40% of suburbs in Australia with an average of days on market 69 for properties listed there.
With the median price for a house in Kingsville being $943000 and the advertised rent reaching $510 the gross rental yield for property investors calculates out to be 2.81%
Kingsville has had a pretty good year for property investment returns compared to the rest of VIC, giving investors a capital gain of 9.12% to date .
Taking the average capital gain, or increase in median house value, Kingsville,3012 has racked up an average of 9.12% over the period. This ranks it number 808th in the whole country for real estate investors looking at median house price increases.
Vendor discounting in Kingsville is giving property investors an average Vendor Discount of around -4.33%. This puts suburb at number 190th in VIC when ranking the most discounted suburbs.
Kingsville is 181th on a list of best yielding suburbs for rents in VIC with a 4.13% return
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.