Paddington is in the TOP 20% in QLD when comparing median price capital growth over the last year. Paddington gave property investors a very good capital gain figure when compared to the rest of the state, with 8.33%.
Taking the average capital gain, or increase in median house value, Paddington,4064 has racked up an average of 8.33% over the period. This ranks it number 795th in the whole country for real estate investors looking at median house price increases.
Vendor discounting in Paddington is giving property investors an average Vendor Discount of around -6.59%. This puts suburb at number 320th in QLD when ranking the most discounted suburbs.
Renters in Suburb are facing rents around $33020 per annum or $635 every week.
Investment property in Paddington has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -2.65%
Taking the average capital gain, or increase in median house value, Paddington,4064 has racked up an average of -2.65% over the period. This ranks it number 1231th in the whole country for real estate investors looking at median house price increases.
Our latest figures would indicate that property sellers in Paddington are currently offering property investors an average price cut of -4.80% below the asking price at the moment.
Paddington is 311th on a list of best yielding suburbs for rents in QLD with a 4.41% return
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Paddington’s relative value is certainly a selling point for Herron Todd White’s David Hyne. “Paddington represents good value considering the location and facilities in comparison to other suburbs of similar distance from the city,” he says.
Certainly a median price comparison with some of Paddington’s neighbours bears out Hyne’s comments. Milton, Red Hill and Bardon all have a higher median unit price that Paddington according to RP Data figures.
Plus, at just 3km from the CBD, Paddington ticks all the right boxes in terms of accessibility and amenities.
“Paddington is accessible to a number of retail and restaurant hubs, including Latrobe-Given Terrace, Rosalie Village and The Barracks complex on Petrie Terrace,” explains Hyne.
He goes on to add that – after the tragic floods in January 2011 – it’s well worth doing your due diligence on flood prone properties.
Population growth in the Paddington SLA has been good, with the average annual rate over four years coming in at 1.5% according to ABS data. The area’s unemployment rate was 2.2% at last count and Census data reveals that the area’s weekly family income of $1,900 was well above the Queensland average of $1,123.
Paddington’s vacancy rate is extremely low and renters make up about half of the population base. SQM Research expects this figure to rise to 64% in the next five years.