Ringwood has had a quite poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of 5.18% to date .
If we look at median property appreciation over just the last three months, Ringwood has given property investors a paper return of 1.07%. This puts Suburb as 463 on a list of fastest fasting appreciating suburbs in VIC
Sellers are offering property buyers an average discount of -7.55% to buyers in Ringwood at the moment, which is less than average for the rest of VIC.
Renters in Suburb are facing rents around $4920 per annum or $410 every week.
At number 749th in the list of Australian suburbs ordered by increase in median house value over the last year, Ringwood, 3134 is in the top half with a property value increase of 5.78% recorded in median house prices.
While Ringwood,3134 ranked number 120th in VIC for increase in median house value (annualised) increase, it is ranked 35th over the last 5 years.
Ringwood3134 is located in VIC which offers an average discount of -4.73% to property investors. Ringwood itself is showing figures that indicate -4.20% is the average achievable by property buyers investing in the suburb.
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.