At number 3082th in the list of Australian suburbs ordered by increase in median house value over the last year, Ringwood, 3134 is in the BOTTOM 30% with a property value increase of -0.12% recorded in median house prices.
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 $847000, with sellers offering an average of -7.00% off the asking price.
At number 1172 in a list of fastest selling suburbs, Ringwood is in the TOP 40% of suburbs in Australia with an average of days on market 60.37 for properties listed there.
Property investors should expect to get $400 weekly from the median priced house in this suburb.
VIC has seen average median house prices change by 4.90% which means that Ringwood, 3134 has done well for property investors by showing a capital gain of 6.57% over the last year
A 46.58% growth in median value for property investors in Ringwood,3134 puts this suburb at number 260th in terms of best performing suburbs in VIC
Property investors looking for a bargain in Ringwood should be aiming for at least -3.58% off the asking price, which is the average vendor discount being achieved at the moment.
Using the current median advertised rental of $357 and the average annual increase in value of a median property of 8.13%, investors should hope to achieve an overall return of 3.47%
Pushing out to the far-eastern fringe of Melbourne, Ringwood’s housing market seems to be still full of steam.Full summary
Information supplied by:
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.