Property investors who have had real estate in Thornbury, 3071 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 16.91%
Taking the average capital gain, or increase in median house value, Thornbury,3071 has racked up an average of 16.91% over the period. This ranks it number 474th in the whole country for real estate investors looking at median house price increases.
Property buyers and investors in Thornbury 3071 should be seeing an average reduction in asking price of around -3.41% . This means that Thornbury is holding prices well when compared to other suburbs in VIC.
Thornbury, 3071’s gross rental yield is 2.55%
Giving property investors a an average capital gain of 1.66% for the last year, Thornbury, 3071 is the 944th highest performer in Australia in this respect.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Thornbury has increased when compared to the 5 year average annual rate.
Thornbury3071 is located in VIC which offers an average discount of -5.03% to property investors. Thornbury itself is showing figures that indicate -4.44% is the average achievable by property buyers investing in the suburb.
With the median price for a house in Thornbury being $490000 and the advertised rent reaching $340 the gross rental yield for property investors calculates out to be 3.61%
Thornbury offers a good selection of highly sought after period homes, says WBP’s Sean Thomson, but it pays to be selective as to the location of your purchase. He highlights the area between St Georges Road, Bell Road and Victoria Road as the one to watch.Full summary
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Thornbury offers a good selection of highly sought after period homes, says WBP’s Sean Thomson, but it pays to be selective as to the location of your purchase. He highlights the area between St Georges Road, Bell Road and Victoria Road as the one to watch.
“There are some beautiful consistent streets there, with period homes,” he explains. “And being near St Georges Road you’ve got tram, train and road access back into the city.”
He adds, however, that Thornbury has its fair share of commercial and industrial areas that are best avoided. Railway Place, for example, dissects the Metropolitan Tram Depot and the Northern Mail Centre.
If houses in Thronbury are above your budget, Thomson suggests that this is one area of Melbourne that still offers quality apartments at an affordable price.
“Thornbury has a beautiful mixture of low-density apartment blocks from the 1950s, 60s and 70s,” he says. “They go up to around 12 in a block and there’s good affordability at this stage for a good two-bedroom apartment. But you’ve got to be highly selective.”
Looking at the median price point for units in the surrounding suburbs, it looks as if he has a point on the affordability front, with Thornbury’s median unit price coming in lower than that of neighbouring Preston, Northcote, and Ivanhoe according to RP Data stats.