VIC has seen average median house prices change by 8.23% which means that South Morang, 3752 has done well for property investors by showing a capital gain of 11.22% over the last year
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in South Morang has increased when compared to the 5 year average annual rate.
Our latest figures would indicate that property sellers in South Morang are currently offering property investors an average price cut of -3.78% below the asking price at the moment.
In the last year 334 properties changed hands in South Morang, which puts it as the 46th most active market in VIC when comparing the number of sales per suburb.
South Morang is 279th on a list of best yielding suburbs for rents in VIC with a 4.02% return
South Morang is an average performer in VIC when comparing median price capital growth over the last year. South Morang gave property investors a good capital gain figure when compared to the rest of the state, with 6.77%.
If we look at median property appreciation over just the last three months, South Morang has given property investors a paper return of 0.00%. This puts Suburb as 180 on a list of fastest fasting appreciating suburbs in VIC
South Morang, 3752 is offering VIC ‘s 217th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 40% of discounts offered by this VIC.
At number 1215 in a list of fastest selling suburbs, South Morang is in the bottom 20% of suburbs in Australia with an average of days on market 104.74 for properties listed there.
South Morang, 3752’s gross rental yield is 4.69%
South Morang has had a quite poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of -1.70% to date.
Information supplied by:
Stockdale & Leggo
03 9407 9100
0422 577 353
Across a shorter period, South Morang, 3752 has seen a median price increase of -1.46% over the last quarter.
At number 481th of VIC’s most discounted properties, South Morang is in the TOP 30% of the state/territory when listing in order of most discounted to least.
A $350 per week rent on the median house gives suburb investors a gross yield of circa 4.49%, without taking into account capital value appreciation, which has been averaging out at 4.42%.Full summary
A $350 per week rent on the median house gives suburb investors a gross yield of circa 4.49%, without taking into account capital value appreciation, which has been averaging out at 4.42%.
Selling points: Properties close proximity to Westfield Shopping Centre, South Morang train station, and within easy access to Plenty Road
Most sought after properties: 3-4 bedroom homes up to $450,000 in value. This is the most popular price bracket for 1st home buyers. As a buyer you can also buy a property under 9 years old in most cases in this price bracket.
Most common properties: 3-4 bedroom homes of about 25 sq on an average block size of 450 sqm. Most of these homes are under 10 years old that attracts lots of young home buyers. Most common buyer group is between the ages of 25-35 years based on our experience
South Morang train station
Westfield Plenty Valley
There are number of retirement villages.
Local industry and business:
Whittlesea Council also located in South Morang
There are number of shopping centres in and around South Morang- Westfield Plenty Valley (bordering Mill Park),
Numbers of medical centres are available in the area and there is a newly opened Super Clinique closer to South Morang Train Station.
We can identify a trend that shows buyers who sell older homes in Mill Park area are actively moving into South Morang area to upgrade their lifestyle. This means South Morang is a popular suburb for 2nd home buyers as well.
This buyer activity should push up the home values in South Morang area over the coming years.
South Morang train station