With a capital gain of 20.24% for the last 12 months, Deer Park, 3023 has performed for property investments than its average annual 7.98% property growth over the last 5 years.
Over the longer term, Deer Park has seen property prices show investors a 38.36% return over the last 3 years. This is worse than over the last 12 months
Property investors looking for a bargain in Deer Park should be aiming for at least -4.20% off the asking price, which is the average vendor discount being achieved at the moment.
Property investors should expect to get $340 weekly from the median priced house in this suburb.
Property investors who have had real estate in Deer Park, 3023 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 15.61%
If we look at median property appreciation over just the last three months, Deer Park has given property investors a paper return of 5.97%. This puts Suburb as 53 on a list of fastest fasting appreciating suburbs in VIC
LACK OF BUYER INTEREST may well be the reason that Deer Park is offering property investors an average of -4.68. This rate of discount on properties puts Suburb at number 297th in terms of most discounted suburbs in VIC
Renters in Suburb are facing rents around $3960 per annum or $330 every week.
The large suburb of Deer Park benefits from an excellent location just 17km west of the Melbourne CBD.Full summary
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Apartment value soars in commuter-friendly suburb
Median unit price: $345,000
Three-year growth: 15.00%
Rental yield: 4.67%
The large suburb of Deer Park benefits from an excellent location just 17km west of the Melbourne CBD. Specifically, the unit market has been seeing significant, steady growth over the past five years and shows no signs of slowing down.
The suburb got its name after the Melbourne Hunt Club once housed its game deer here. The Club’s home has since been converted into a community centre next to a sports oval. Several schools have also been established in the suburb, including primary schools and a secondary college. Travel is convenient via train and bus, and Ballarat Road passes through the suburb.
Large blocks of farm property on the fringes of Deer Park are also being developed for housing. Thus, now is a good time to enter the market while apartment prices are still reasonable and the average rental yield is strong at almost 5%.