Over the last year, property investments in Upwey, 3158 have given investors a capital gain of 14.67%. This compares favourably with the 8.96% for VIC as a whole.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Upwey has increased when compared to the 5 year average annual rate.
The most recent median price for Upwey is $613500, with sellers offering an average of -3.22% off the asking price.
In the last year 104 properties changed hands in Upwey, which puts it as the 259th most active market in VIC when comparing the number of sales per suburb.
Using the current median advertised rental of $400 and the average annual increase in value of a median property of 7.19%, investors should hope to achieve an overall return of 3.39%
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