At number 835th in the list of Australian suburbs ordered by increase in median house value over the last year, Tarneit, 3029 is in the top 20% with a property value increase of 9.71% recorded in median house prices.
Tarneit,3029 has offered an average of 9.71% return per annum in house price rises to property investors over the last three years.
Sellers are offering property buyers an average discount of -7.06% to buyers in Tarneit at the moment, which is less than average for the rest of VIC.
A $390 per week rent on the median house gives suburb investors a gross yield of circa 3.59%, without taking into account capital value appreciation, which has been averaging out at 6.71%.
At number 418th in the list of Australian suburbs ordered by increase in median house value over the last year, Tarneit, 3029 is in the top 30% with a property value increase of 6.13% recorded in median house prices.
The five-year average increase in median property values for Tarneit,3029 has given property investors a potential capital gain of 34.92% across each of those five years.
LACK OF BUYER INTEREST may well be the reason that Tarneit is offering property investors an average of -5.13. This rate of discount on properties puts Suburb at number 22th in terms of most discounted suburbs in VIC
With the median price for a house in Tarneit being $398000 and the advertised rent reaching $350 the gross rental yield for property investors calculates out to be 4.57%
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Wyndham City suburb is tight
Median unit price: $365,000
Vacancy rate: 1.7%
Three-year growth: 19.7%
A rapidly growing suburb 7km from Werribee, Tarneit’s falling vacancy rate is representing its new popularity.
The average vacancy rate slipped from an already-low 1.8% to just 1.7% in the past 12 months leading up to November 2017. This could be due in part to the suburb’s affordability – apartments sell for a median price of $365,000. Moreover, it has strong growth potential, with much positive growth over the most recent five-year period. Rental yields are also reasonable at 4.6%.
Once mainly an agricultural area, Tarneit has been undergoing gentrification. It is the site of several schools, including Thomas Carr College, Baden Powell Prep and the Islamic College of Melbourne. Tarneit Central Shopping Centre was recently opened, and contains a supermarket.