Investment property in Grovedale 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 10.74%
Across a shorter period, Grovedale, 3216 has seen a median price increase of 3.94% over the last quarter.
Vendor discounting in Grovedale is giving property investors an average Vendor Discount of around -3.80%. This puts suburb at number 466th in VIC when ranking the most discounted suburbs.
Using the current median advertised rental of $370 and the average annual increase in value of a median property of 5.28%, investors should hope to achieve an overall return of 4.29%
Grovedale has had a pretty average year for property investment returns compared to the rest of VIC, giving investors a capital gain of 6.84% to date .
The five-year average increase in median property values for Grovedale,3216 has given property investors a potential capital gain of 18.59% across each of those five years.
Property investors looking for a bargain in Grovedale should be aiming for at least -5.32% off the asking price, which is the average vendor discount being achieved at the moment.
On average over the past year, suburb has had 3.33 sales per month, which equates to 40 per year.
Property investors should expect to get $300 weekly from the median priced house in this suburb.
Grovedale has attracted strong interest from investors, in large part due to its high average returns of over 5%, which suggests a strong rental market.Full summary
Information supplied by:
Former Germantown draws interest from student body
Median unit price: $299,000
Three-year growth: 2.66%
Rental yield: 5.22%
The residential suburb of Grovedale has appealed to investors for many years, with its high average returns of over 5% suggesting a strong rental market. In the past year up to April 2017, apartment values jumped by nearly 11%.
This trend has continued into the April 2017 quarter, indicating that the suburb has long-term potential. Units go off the market at low discount rates as well. This is likely because of the demand from students at Deakin University.
Grovedale is quite accessible due to its location on the Surfcoast Highway, in addition to being less than 10 minutes from Torquay. The Surf Coast itself is a short drive away. The suburb is affordable as well, with the median unit price coming in at under $300,000. Close