Caroline Springs is an average performer in VIC when comparing median price capital growth over the last year. Caroline Springs gave property investors a average capital gain figure when compared to the rest of the state, with 10.75%.
Over the longer term, Caroline Springs has seen property prices show investors a 19.77% return over the last 3 years. This is worse than over the last 12 months
Property investors looking for a bargain in Caroline Springs should be aiming for at least -4.99% off the asking price, which is the average vendor discount being achieved at the moment.
Advertised rents are around the $385 mark per week – giving a return of 3.89% based on the median price in Suburb
Property value increases in Caroline Springs have tracked just lower than the VIC average of 4.09% over the last 12 months.
Caroline Springs,3023 was ranked 1319 in Australia by increase in median property value over the quarter.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.27% offered to property buyers. Sellers in Caroline Springs itself are offering an average vendor discount of -5.65% to real estate investors.
At number 648 in a list of fastest selling suburbs, Caroline Springs is just in the top half of suburbs in Australia with an average of days on market 68.57 for properties listed there.
Take a look 25km west of Melbourne’s CBD and you will find a suburb that’s got a lot of things going for it.Full summary
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Take a look 25km west of Melbourne’s CBD and you will find a suburb that’s got a lot of things going for it.
Towards the north of Caroline Springs is the town square and main shopping centre. But as the name suggests, its natural beauty is a key drawcard of this suburb. In particular, the Kororoit Creek runs through the centre of the suburb which is home to some beautiful and rare plants and animals.
There are also great walking tracks, not to mention its sought-after parks and lakes.
Moving on to the popular amenities unrelated to the outdoors, there is also a good range of shops, cafés, restaurants and medical facilities within the suburb.
At the moment, the suburb’s main form of transport is car, however, a new V/Line train station at Caroline Springs is on track to be completed in 2016. Demand is already strong as shown by the vacancy rate of just 1.57%. Moreover, Onthehouse.com.au is predicting a strong 7% p.a growth over the next eight years.
Families who target this area would benefit from buying in streets such as Tumbalong St and Pyrmont Ln. Not only are they situated in a quiet area but they are in close proximity to schools, the town centre, restaurants, lakes and public transport. Three-bedroom houses in this area can be picked up for less than $500,000.