Suburb Profile Report for Boronia VIC (3155)

Boronia House: Median price $600,000, Annual capital growth 8.09%, Number of sales 269, Weekly median advertised rent $370

Boronia Unit: Median price $455,000, Annual capital growth 6.24%, Number of sales 202, Weekly median advertised rent $350

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Investment property in Boronia 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 7.14%

Taking the average capital gain, or increase in median house value, Boronia,3155 has racked up an average of 7.14% over the period. This ranks it number 932th in the whole country for real estate investors looking at median house price increases.

Property investors looking for a bargain in Boronia should be aiming for at least -5.76% off the asking price, which is the average vendor discount being achieved at the moment.

At number 233 in a list of fastest selling suburbs, Boronia is in the TOP 10% of suburbs in Australia with an average of days on market 41.28 for properties listed there.

The VIC suburb of Boronia, 3155 is in the Knox local government area.

VIC has seen average median house prices change by 3.63% which means that Boronia, 3155 has done well for property investors by showing a capital gain of 8.33% over the last year

A 22.97% growth in median value for property investors in Boronia,3155 puts this suburb at number 85th in terms of best performing suburbs in VIC

Our latest figures would indicate that property sellers in Boronia are currently offering property investors an average price cut of -2.57% below the asking price at the moment.

Often selling an investment property can take time, and in Boronia the average time real estate has been on the market is 45.8 days.

Using the current median advertised rental of $350 and the average annual increase in value of a median property of 6.24%, investors should hope to achieve an overall return of 4.00%

YIP MAG Information supplied by:

YIP MAG
November 2015

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Situated 29km from the Melbourne CBD, Boronia has some excellent amenities, including a wide selection of shops, schools, medical centres, childcare centres, parks and a train stationFull summary Pick the right spot in this suburb and you can get magnificent views of Mount Dandenong.

Situated 29km from the Melbourne CBD, Boronia has some excellent amenities, including a wide selection of shops, schools, medical centres, childcare centres, parks and a train station.

It’s all these features that help make it a popular suburb with families and retirees.

It also neighbours Wantirna South where the Westfield Knox Shopping Centre has received approval for a $450m expansion starting in 2016.

The upgrade should create about 8,000 jobs and it is set to become Australia’s second-largest shopping centre.

Houses in Boronia typically spend just 32 days on the market, which is low for both Melbourne in general and the Knox LGA, according to CoreLogic RP Data.

Other indicators of tight demand include the vacancy rate of 1.34% and the fact that there’s just 1.02% of stock on the market, according to DSRdata.com.au.

Elevated houses on Rankin Road have stunning views of the Dandenong Ranges.

They are also very close to St Joseph’s Primary School and the suburb’s popular amenities on Boronia Road.
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There are also nice and quiet family homes on Helene Court and Currawa Drive.

Four-bedroom houses can be bought in this part of Boronia for around the median price.

They have the additional factor of being close to nice walking tracks and the Tim Neville ArboretumClose
HOUSE UNIT
$600,000 $455,000
0.00% 2.54%
7.14% 8.33%
8.09% 6.24%
$370 $350
269 202
3.21% 4.00%
41.28 45.8

Source: CoreLogic

DSR Score for property investment : Good (H), Very good (U)
Find a mortgage broker in Boronia VIC
Demographics
Total population 20825
Median household income ($/weekly) 1162
Median age of persons 39
Median housing loan repayment ($/monthly) 1682
Average household size 2.4
  • Census Count Percent(%)
    5-14 years 2218 10.7
    25-34 years 3158 15.2
    35-44 years 2881 13.8
    45-54 years 2709 13.0
    55-64 years 2673 12.8
    Others 7186 34.5
    Age Group
    Census Count Percent(%)
    Registered Married 7335 46.1
    Not Married 7052 44.3
    Defacto Relationship 1529 9.6
    Social Marital Status
  • Census Count Percent(%)
    Australia 15287 76.5
    Greece 295 1.5
    Indonesia 298 1.5
    United Kingdom 1397 7.0
    Other 643 3.2
    Others 2075 10.4
    Country of Birth
    Census Count Percent(%)
    Buddhism 422 2.2
    Christianity 11787 62.6
    Hinduism 263 1.4
    Other Religious Groups 171 0.9
    No Religion 6018 32.0
    Others 174 0.9
    Religious Affiliation
  • Census Count Percent(%)
    $600-$799 775 10.5
    $800-$999 730 9.9
    $1,000-$1,249 794 10.8
    $1,500-$1,999 1096 14.9
    $2,000-$2,499 733 10.0
    Others 3222 43.8
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 6664 40.5
    Not in the labour force 5468 33.2
    Employed, worked part-time 3207 19.5
    Employed, away from work 612 3.7
    Unemployed, looking for work 512 3.1
    Person Characteristics
  • Census Count Percent(%)
    Professionals 1819 17.4
    Technicians & trades workers 2001 19.1
    Community & personal service workers 1029 9.8
    Clerical & administrative workers 1724 16.4
    Labourers 1049 10.0
    Others 2859 27.3
    Occupation
    Census Count Percent(%)
    Pre-school 325 7.7
    Infants/Primary 1413 33.5
    Secondary 1130 26.8
    Technical or Further Educational Institution 536 12.7
    University or other Tertiary Institutions 627 14.9
    Others 186 4.4
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 16162 82.1
    Semi-detached, row or terrace house, townhouse 2565 13.0
    Flat, unit or apartment 940 4.8
    House or flat attached to a shop, office 8 0.0
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 3256 41.0
    Fully owned 2691 33.9
    Rented 1947 24.5
    Other tenure type 45 0.6
    Tenure Type
Census 2011, ABS
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Recent sales & rentals