Property investors who have had real estate in Ringwood, 3134 should be relatively unhappy 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 0.65%
Ringwood,3134 was ranked 2705 in Australia by increase in median property value over the quarter.
Property investors looking for a bargain in Ringwood should be aiming for at least -4.89% off the asking price, which is the average vendor discount being achieved at the moment.
Often selling an investment property can take time, and in Ringwood the average time real estate has been on the market is 55.83 days.
With the median price for a house in Ringwood being $810250 and the advertised rent reaching $400 the gross rental yield for property investors calculates out to be 2.57%
If you compare the increase in value of investment property in Ringwood, 3134 to the rest of Australia, it performed quite well. The median increase in value, or capital gain property investors experienced for this VIC suburb was 7.32%.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Ringwood has increased when compared to the 5 year average annual rate.
The most recent median price for Ringwood is $535000, with sellers offering an average of -2.66% off the asking price.
Ringwood is 302th on a list of best yielding suburbs for rents in VIC with a 3.40% return
Pushing out to the far-eastern fringe of Melbourne, Ringwood’s housing market seems to be still full of steam.Full summary
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Pushing out to the far-eastern fringe of Melbourne, Ringwood’s housing market seems to be still full of steam.Close
At $832,500, the median house price is certainly stretching the bounds of affordability, and conditions don’t indicate buyers will find any relief soon.
The past 12 months have seen a 24% jump in the median house price, and it has also grown 55% over the past five years.
Just under 25km from the heart of Melbourne, Ringwood is somewhat of a hub for the city’s far-eastern suburbs.
The suburb is home to the Eastland Shopping Complex, which is currently undergoing extensive remodelling and is the premier retail facility in the area.
Ringwood is also home to a wide range of educational facilities and is connected to the centre of Melbourne and suburbs further out through a number of train stations.