Suburb Profile Report for Grovedale VIC (3216)

Grovedale House: Median price $448,500, Annual capital growth 5.28%, Number of sales 256, Weekly median advertised rent $370

Grovedale Unit: Median price $331,750, Annual capital growth 3.48%, Number of sales 40, Weekly median advertised rent $300

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

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.

Information supplied by:


July 2017

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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

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
Metrics i HOUSE UNIT
$448,500 $331,750
3.94% 0.53%
10.74% 6.84%
5.28% 3.48%
$370 $300
256 40
4.29% 4.70%
29.65 69

Source: CoreLogic

DSR Score for property investment : Very good (H), Good (U)
Find a mortgage broker in Grovedale VIC
Demographics
Total population 14153
Median household income ($/weekly) 1133
Median age of persons 38
Median housing loan repayment ($/monthly) 1517
Average household size 2.5
  • Census Count Percent(%)
    5-14 years 1706 12.1
    25-34 years 2010 14.2
    35-44 years 1797 12.7
    45-54 years 1751 12.4
    55-64 years 1714 12.1
    Others 5174 36.6
    Age Group
    Census Count Percent(%)
    Registered Married 5436 51.9
    Not Married 4136 39.5
    Defacto Relationship 894 8.5
    Social Marital Status
  • Census Count Percent(%)
    Australia 11811 86.5
    New Zealand 98 0.7
    Papua New Guinea 132 1.0
    United Kingdom 682 5.0
    Other 226 1.7
    Others 703 5.1
    Country of Birth
    Census Count Percent(%)
    Buddhism 91 0.7
    Christianity 9276 71.0
    Hinduism 77 0.6
    Islam 61 0.5
    No Religion 3498 26.8
    Others 64 0.5
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 570 11.8
    $600-$799 528 11.0
    $1,000-$1,249 500 10.4
    $1,500-$1,999 658 13.7
    $2,000-$2,499 528 11.0
    Others 2027 42.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 4121 36.8
    Employed, worked full-time 3978 35.5
    Employed, worked part-time 2354 21.0
    Employed, away from work 437 3.9
    Unemployed, looking for work 316 2.8
    Person Characteristics
  • Census Count Percent(%)
    Professionals 1183 17.5
    Technicians & trades workers 1162 17.2
    Community & personal service workers 866 12.8
    Clerical & administrative workers 926 13.7
    Sales 818 12.1
    Others 1812 26.8
    Occupation
    Census Count Percent(%)
    Pre-school 209 6.4
    Infants/Primary 1118 34.3
    Secondary 896 27.5
    Technical or Further Educational Institution 364 11.2
    University or other Tertiary Institutions 538 16.5
    Others 135 4.1
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 12072 91.5
    Flat, unit or apartment 605 4.6
    Semi-detached, row or terrace house, townhouse 519 3.9
    House or flat attached to a shop, office 4 0.0
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 2088 40.4
    Fully owned 1848 35.7
    Rented 1139 22.0
    Other tenure type 95 1.8
    Tenure Type
Census 2011, ABS
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