If you compare the increase in value of investment property in Newcomb, 3219 to the rest of Australia, it performed quite well. The median increase in value, or capital gain property investors experienced for this VIC suburb was 7.86%.
Newcomb,3219 was ranked 2425 in Australia by increase in median property value over the quarter.
Property investors looking for a bargain in Newcomb should be aiming for at least -6.34% off the asking price, which is the average vendor discount being achieved at the moment.
VIC has seen average median house prices change by 4.26% which means that Newcomb, 3219 has done well for property investors by showing a capital gain of -7.77% over the last year
When looking at the potential capital gains offered to property investors over the last 3 years, Newcomb comes in at number 307th in VIC.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.07% offered to property buyers. Sellers in Newcomb itself are offering an average vendor discount of -4.11% to real estate investors.
With the median price for a house in Newcomb being $267000 and the advertised rent reaching $267.5 the gross rental yield for property investors calculates out to be 5.21%
First home buyers that have been priced out of East Geelong, where you are looking at spending at least $400,000 plus, are coming to Newcomb in big ways says local real estate agent Donna Ellmer-Buckingham Full summary
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Newcomb sits just 3 km from downtown Geelong and next door to much pricier East Geelong, which has pockets of $700,000 homes.
First home buyers that have been priced out of East Geelong, where you are looking at spending at least $400,000 plus, are coming in big says local real estate agent Donna Ellmer-Buckingham. “So you know it’s definitely a good alternative.”
While Newcomb went flat over 2011, much of Melbourne went deep into negative territory over fears that the market had overheated. Those fears seem to have steered clear of Newcomb which grew 42% over the past 5 years, well below the average annual growth it recorded over the past 10 years and nowhere near the numbers posted in many of Melbourne’s comparable suburbs.
Location is the big draw in Newcomb as a typical ride to the city on public transport will take you just 5 minutes, yet residents also have access to the parks, farmland and open spaces to the east of the city.
Best Street(s): Poplar St: A long block of older, well established homes tuck in a residential quieter residential area, but still featuring great access to Geelong and beaches to the south.