Investment property in Thornbury 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 9.92%
A 34.72% growth in median value for property investors in Thornbury,3071 puts this suburb at number 316th in terms of best performing suburbs in VIC
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.99% offered to property buyers. Sellers in Thornbury itself are offering an average vendor discount of -2.76% to real estate investors.
Thornbury, 3071’s gross rental yield is 2.89%
If you compare the increase in value of investment property in Thornbury, 3071 to the rest of Australia, it performed poorly. The median increase in value, or capital gain property investors experienced for this VIC suburb was -5.35%.
Over the longer term, Thornbury has seen property prices show investors a 8.49% return over the last 3 years. This is worse than over the last 12 months
Thornbury3071 is located in VIC which offers an average discount of -5.27% to property investors. Thornbury itself is showing figures that indicate -4.41% is the average achievable by property buyers investing in the suburb.
On average over the past year, suburb has had 9.58 sales per month, which equates to 115 per year.
A $330 per week rent on the median house gives suburb investors a gross yield of circa 3.73%, without taking into account capital value appreciation, which has been averaging out at 8.26%.
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.