Suburb Profile Report for Spring Gully VIC (3550)

Spring Gully House: Median price $347,000, Annual capital growth 3.73%, Number of sales 47, Weekly median advertised rent $300

Spring Gully Unit: Median price $220,000, Annual capital growth 5.95%, 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

Investment property in Spring Gully has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -0.86%

Taking the average capital gain, or increase in median house value, Spring Gully,3550 has racked up an average of -0.86% over the period. This ranks it number 3077th in the whole country for real estate investors looking at median house price increases.

Property buyers and investors in Spring Gully 3550 should be seeing an average reduction in asking price of around -5.79% . This means that Spring Gully is holding prices well when compared to other suburbs in VIC.

At number 2262 in a list of fastest selling suburbs, Spring Gully is in the bottom 40% of suburbs in Australia with an average of days on market 91.16 for properties listed there.

Over the last year, property investments in Spring Gully, 3550 have given investors a capital gain of 7.32%. This compares favourably with the 3.19% for VIC as a whole.

When looking at the potential capital gains offered to property investors over the last 3 years, Spring Gully comes in at number 254th in VIC.

The most recent median price for Spring Gully is $220000, with sellers offering an average of -5.26% off the asking price.

A $250 per week rent on the median house gives suburb investors a gross yield of circa 5.91%, without taking into account capital value appreciation, which has been averaging out at 5.95%.

HOUSE UNIT
$347,000 $220,000
0.58% N/A
-0.86% 7.32%
3.73% 5.95%
$300 $250
47 25
4.50% 5.91%
91.16 157.14

Source: CoreLogic

DSR Score for property investment : Above average (H), Above average (U)
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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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Recent sales & rentals