Upwey has had a pretty good year for property investment returns compared to the rest of VIC, giving investors a capital gain of 12.80% to date .
Over the longer term, Upwey has seen property prices show investors a 39.77% return over the last 3 years. This is worse than over the last 12 months
Property investors looking for a bargain in Upwey should be aiming for at least -4.66% off the asking price, which is the average vendor discount being achieved at the moment.
With the median price for a house in Upwey being $595000 and the advertised rent reaching $420 the gross rental yield for property investors calculates out to be 3.67%
Upwey is situated approx 32km from Melbourne and was originally known as “Mast Gully” as several masts were cut down for ships in the 1850s. Upweys population is approx 6,700 made up of both young people and retirees.Full summary
Information supplied by:
Harcourts Essential Real Estate
Upwey is situated approx 32km from Melbourne and was originally known as “Mast Gully” as several masts were cut down for ships in the 1850s. Upweys population is approx 6,700 made up of both young people and retirees.
Excellent lifestyle, numerous parks and attractions, good community schools and public transport.
Most sought-after properties:
Contemporary homes mixed with character cottages and timber homes
Most common properties:
Quaint timber cottages
Parks, gardens gymnasium, cafes and retailshops, public reserves and walking tracks through the forest.
Local industry and business:
Primarily tourist and retail businesses
Numerous new businesses opening to cater for the tourist trade.
Glenfern road, Kooringal road, bayview avenue, morris rd, mahony st.
Public transport: buses, trains
Main arteries: Glenfern rd, Wellington rd with direct access to eastlink and monash freeway