Suburb Profile Report for Spring Gully VIC (3550)

Spring Gully House: Median price $345,000, Annual capital growth 3.80%, Number of sales 43, Weekly median advertised rent $320

Spring Gully Unit: Median price $227,500, Annual capital growth 6.29%, Number of sales 25, Weekly median advertised rent $250

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report

Giving property investors a an unimpressive capital gain of -1.43% for the last year, Spring Gully, 3550 is the 3040th highest performer in Australia in this respect.

Spring Gully,3550 was ranked 2775 in Australia by increase in median property value over the quarter.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.03% offered to property buyers. Sellers in Spring Gully itself are offering an average vendor discount of -5.60% to real estate investors.

Residents and property investors in Spring Gully have been waiting around 71.58 days to sell a property.

A $320 per week rent on the median house gives suburb investors a gross yield of circa 4.82%, without taking into account capital value appreciation, which has been averaging out at 3.80%.

At number 323th in the list of Australian suburbs ordered by increase in median house value over the last year, Spring Gully, 3550 is in the top 20% with a property value increase of 10.98% recorded in median house prices.

A 21.33% growth in median value for property investors in Spring Gully,3550 puts this suburb at number 72th in terms of best performing suburbs in VIC

LACK OF BUYER INTEREST may well be the reason that Spring Gully is offering property investors an average of -5.12. This rate of discount on properties puts Suburb at number 95th in terms of most discounted suburbs in VIC

At number 1468 in a list of fastest selling suburbs, Spring Gully is in the bottom 10% of suburbs in Australia with an average of days on market 184.36 for properties listed there.

Renters in Suburb are facing rents around $3000 per annum or $250 every week.

HOUSE UNIT
$345,000 $227,500
-0.29% 3.41%
-1.43% 10.98%
3.80% 6.29%
$320 $250
43 25
4.82% 5.71%
71.58 184.36

Source: CoreLogic

DSR Score for property investment : Above average (U), Above average (H)
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Demographics
Total population 2983
Median household income ($/weekly) 1055
Median age of persons 40
Median housing loan repayment ($/monthly) 1343
Average household size 2.4
  • Census Count Percent(%)
    5-14 years 376 12.6
    25-34 years 312 10.5
    35-44 years 338 11.3
    45-54 years 429 14.4
    55-64 years 393 13.2
    Others 1134 38.0
    Age Group
    Census Count Percent(%)
    Registered Married 1094 49.2
    Not Married 985 44.3
    Defacto Relationship 144 6.5
    Social Marital Status
  • Census Count Percent(%)
    Australia 2684 92.9
    Greece 12 0.4
    Papua New Guinea 20 0.7
    United Kingdom 84 2.9
    Other 11 0.4
    Others 77 2.7
    Country of Birth
    Census Count Percent(%)
    Buddhism 26 0.9
    Christianity 1944 70.4
    Hinduism 11 0.4
    Islam 10 0.4
    No Religion 761 27.6
    Others 9 0.3
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 115 10.6
    $400-$599 130 12.0
    $600-$799 113 10.4
    $1,500-$1,999 109 10.0
    $2,000-$2,499 102 9.4
    Others 518 47.7
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 850 36.6
    Not in the labour force 838 36.1
    Employed, worked part-time 494 21.3
    Employed, away from work 81 3.5
    Unemployed, looking for work 59 2.5
    Person Characteristics
  • Census Count Percent(%)
    Managers 168 11.8
    Professionals 380 26.7
    Technicians & trades workers 192 13.5
    Clerical & administrative workers 201 14.1
    Sales 165 11.6
    Others 319 22.4
    Occupation
    Census Count Percent(%)
    Pre-school 56 7.7
    Infants/Primary 238 32.6
    Secondary 213 29.1
    Technical or Further Educational Institution 65 8.9
    University or other Tertiary Institutions 145 19.8
    Others 14 1.9
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 2508 88.2
    Flat, unit or apartment 264 9.3
    Semi-detached, row or terrace house, townhouse 73 2.6
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 485 41.7
    Being purchased 397 34.1
    Rented 271 23.3
    Other tenure type 10 0.9
    Tenure Type
Census 2011, ABS
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