Property value increases in Clarence Park have tracked just lower than the SA average of 1.79% over the last 12 months.
While Clarence Park,5034 ranked number 377th in SA for increase in median house value (annualised) increase, it is ranked 50th over the last 5 years.
A $395 per week rent on the median house gives suburb investors a gross yield of circa 2.88%, without taking into account capital value appreciation, which has been averaging out at 2.43%.
At number 594th in the list of Australian suburbs ordered by increase in median house value over the last year, Clarence Park, 5034 is in the top half with a property value increase of 4.41% recorded in median house prices.
On average over the past year, suburb has had 0.83 sales per month, which equates to 10 per year.
Renters in Suburb are facing rents around $14560 per annum or $280 every week.
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Units spend a short time on the market
Median unit price: $335,000
Three-year growth: 2.4%
Rental yield: 4.6%
Nestled within the inner south of Adelaide, the suburb of Clarence Park is bordered by several roads, namely, Mills Street, Cross Road and Goodwood Road. The Seaford railway line makes up part of the western boundary.
Despite its proximity to the city and the connecting streets, the suburb boasts a peaceful atmosphere that evokes the countryside. The shopping area is centred at Winston Avenue, which is also peppered with cafes. There’s a Woolsworths supermarket in the area as well. For public transport, residents can take either the bus or the train into the city.
Value growth in Clarence Park’s unit market peaked in the 12 months to January 2019 at 13%. Even though prices have steadily been on the up since 2014 and properties are selling in just 32 days on average, the median value remains under $350,000.