Property investors who have had real estate in Whittington, 3219 should be relatively unhappy with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -3.60%
Across a shorter period, Whittington, 3219 has seen a median price increase of 5.67% over the last quarter.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.04% offered to property buyers. Sellers in Whittington itself are offering an average vendor discount of -5.25% to real estate investors.
In the last year 42 properties changed hands in Whittington, which puts it as the 457th most active market in VIC when comparing the number of sales per suburb.
Whittington, 3219’s gross rental yield is 5.39%
Whittington has had a very poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of -25.51% to date .
While Whittington,3219 ranked number 80th in VIC for increase in median house value (annualised) increase, it is ranked 340th over the last 5 years.
Whittington, 3219 is offering VIC ‘s 151th most discounted properties when looking at the average discount being offered by vendors. This puts it in the middle of discounts offered by this VIC.
Whittington, 3219’s gross rental yield is 7.17%
The Greater Geelong suburb of Whittington scores highly for growth potential, according to Redwerks research director Jeremy Sheppard.Full summary
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The unit market in Whittington on Geelong’s eastern fringe has not been enjoying a strong run in recent times.Close
With a median unit price of just $200,000, it may look like a prime place to grab a bargain, but investors shouldn’t be sucked in by that affordability.
Over the past 12 months the median price has fallen by 9%, with a drop of 6% over the past five years.
It doesn’t appear that buyers think Whittington is due for a change in circumstances either, with units spending 102 days on the market, on average. Vendors are also offering average discounts of 6%.
While investors in Whittington’s apartment market will be hoping for no further price falls, they are at least seeing strong rental yields of 6% at the moment.
However, the rental market may be in danger of deteriorating, with figures from Real Estate Investar showing its vacancy rate has grown from 0.56% to 1.06% over the past 12 months.