Castlemaine is an average performer in VIC when comparing median price capital growth over the last year. Castlemaine gave property investors a good capital gain figure when compared to the rest of the state, with 10.86%.
While Castlemaine,3450 ranked number 88th in VIC for increase in median house value (annualised) increase, it is ranked 307th over the last 5 years.
Property investors looking for a bargain in Castlemaine should be aiming for at least -4.92% off the asking price, which is the average vendor discount being achieved at the moment.
VIC has seen average median house prices change by 3.49% which means that Castlemaine, 3450 has done well for property investors by showing a capital gain of 8.06% over the last year
Taking the average capital gain, or increase in median house value, Castlemaine,3450 has racked up an average of 8.06% over the period. This ranks it number 953th in the whole country for real estate investors looking at median house price increases.
Our latest figures would indicate that property sellers in Castlemaine are currently offering property investors an average price cut of -3.12% below the asking price at the moment.
A $290 per week rent on the median house gives suburb investors a gross yield of circa 4.50%, without taking into account capital value appreciation, which has been averaging out at 5.24%.
Castlemaine is located 38km south of Bendigo and 120km northwest of Melbourne. Once a gold mining town, Castlemaine’s economic activity now centres around manufacturing, agriculture and tourism, with its goldrush era architecture and history being major drawcards for visitors.Full summary
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Castlemaine is located 38km south of Bendigo and 120km northwest of Melbourne. Once a gold mining town, Castlemaine’s economic activity now centres around manufacturing, agriculture and tourism, with its goldrush era architecture and history being major drawcards for visitors.
It’s also conveniently located at the junction of several major highways which lead to the major urban hubs of Bendigo, Ballarat and Melbourne amongst others. Castlemaine also benefits from having its own railway station, making the train journey to Bendigo less than 30 minutes long, and Melbourne a little over an hour and a half in duration.