Investment property in Springvale South has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 8.24%
Taking the average capital gain, or increase in median house value, Springvale South,3172 has racked up an average of 8.24% over the period. This ranks it number 624th in the whole country for real estate investors looking at median house price increases.
LACK OF BUYER INTEREST may well be the reason that Springvale South is offering property investors an average of -5.39. This rate of discount on properties puts Suburb at number 550th in terms of most discounted suburbs in VIC
At number 752 in a list of fastest selling suburbs, Springvale South is in the TOP 20% of suburbs in Australia with an average of days on market 51.74 for properties listed there.
With the median price for a house in Springvale South being $742500 and the advertised rent reaching $390 the gross rental yield for property investors calculates out to be 2.73%
Over the last year, property investments in Springvale South, 3172 have given investors a capital gain of 22.89%. This compares very favourably with the 6.03% for VIC as a whole.
Over the longer term, Springvale South has seen property prices show investors a 28.95% return over the last 3 years. This is worse than over the last 12 months
Sellers are offering property buyers an average discount of -2.15% to buyers in Springvale South at the moment, which is less than average for the rest of VIC.
Residents and property investors in Springvale South have been waiting around 36.89 days to sell a property.
Springvale South, 3172’s gross rental yield is 3.57%
24km from the Melbourne CBD, the suburb of Springvale South has seen steadfast growth since 2013, and shows no signs of letting up any time soonFull summary
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Median unit price: $500,000
Three-year growth: 44.7%
Rental yield: 3.6%
24km from the Melbourne CBD, the suburb of Springvale South has seen steadfast growth since 2013, and shows no signs of letting up any time soon.
In the three months to June 2018, unit values spiked by 10.4%, bringing the median price to $500,000 at an average annual growth rate of 6.1%. There is high demand for apartments in this area, as evidenced by how those on the market are snapped up in less than a month on average.
Springvale South is part of the LGA of the City of Greater Dandenong, and is the location of Springvale South Primary School, Spring Parks Primary School, Heatherhill Primary School and Keysborough Secondary College. Springvale South is the immediate neighbour of Springville in the south, and is a food-lover’s dream, given the many available dining options in the area.Close