Woodend is in the bottom 20% in VIC when comparing median price capital growth over the last year. Woodend gave property investors a dismal capital gain figure when compared to the rest of the state, with 0.52%.
Taking the average capital gain, or increase in median house value, Woodend,3442 has racked up an average of 0.52% over the period. This ranks it number 3294th in the whole country for real estate investors looking at median house price increases.
Property investors looking for a bargain in Woodend should be aiming for at least -5.94% off the asking price, which is the average vendor discount being achieved at the moment.
Residents and property investors in Woodend have been waiting around 106.26 days to sell a property.
A $410 per week rent on the median house gives suburb investors a gross yield of circa 4.44%, without taking into account capital value appreciation, which has been averaging out at 5.29%.
With a capital gain of 7.14% for the last 12 months, Woodend, 3442 has performed for property investments than its average annual 29.88% property growth over the last 5 years.
The VIC suburb of Woodend, 3442 is in the Macedon Ranges local government area.
This popular suburb is just over 70 km north of Melbourne’s CBD, which makes it a decent commute to the city, but that isn’t stopping keen buyers from snapping up houses in the area.Full summary
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This popular suburb is just over 70 km north of Melbourne’s CBD, which makes it a decent commute to the city, but that isn’t stopping keen buyers from snapping up houses in the area.
Driving, however, isn’t the only means of getting to the city. Woodend’s train station sees Melbourne bound trains pass through regularly, reaching the city’s Southern Cross station in just over an hour.
Randolph Clements, Director of Raine & Horne Victoria, believes that the pairing of expensive inner city properties and family connections back home may explain why Woodend is proving to be a popular choice among home buyers.
“Areas like Woodend are very family connected,” he says. “The kids might have moved out, but can’t buy something too expensive in Melbourne, so they come back again.”
“In Essendon for instance a block of land costs one to 1.2 million. So the best thing is to go a bit further out and get on to the ring road where you’re not that far away,” explains Clements.