Woodend has had a quite poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of 5.38% to date .
Woodend,3442 was ranked 608 in Australia by increase in median property value over the quarter.
Property investors looking for a bargain in Woodend should be aiming for at least -6.21% off the asking price, which is the average vendor discount being achieved at the moment.
In the last year 15 properties changed hands in Woodend, which puts it as the 331th most active market in VIC when comparing the number of sales per suburb.
Advertised rents are around the $305 mark per week – giving a return of 3.73% based on the median price in Suburb
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.