Property value increases in Glenelg have tracked just lower than the SA average of 17.52% over the last 12 months.
Across a shorter period, Glenelg, 5045 has seen a median price increase of 6.12% over the last quarter.
Property investors looking for a bargain in Glenelg should be aiming for at least -4.90% off the asking price, which is the average vendor discount being achieved at the moment.
Advertised rents are around the $460 mark per week – giving a return of 3.07% based on the median price in Suburb
Property investors who have had real estate in Glenelg, 5045 should be ok with this SA suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 15.04%
Glenelg,5045 was ranked 701 in Australia by increase in median property value over the quarter.
Sellers are offering property buyers an average discount of -2.36% to buyers in Glenelg at the moment, which is less than average for the rest of SA.
In the last year 142 properties changed hands in Glenelg, which puts it as the 4th most active market in SA when comparing the number of sales per suburb.
With the median price for a house in Glenelg being $550000 and the advertised rent reaching $480 the gross rental yield for property investors calculates out to be 4.80%
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By the sea in Adelaide’s south-west, the suburb of Glenelg seems to have hit somewhat of a rough patch in recent times.
Currently, the median house price sits $865,000, though there are indicators that it could soon become more affordable.
The latest data from CoreLogic RP Data has revealed a 12% drop in house values over the past year, while over the past five years values have fallen 9%.
Investors aren’t seeing any real cash flow that would ease that pain either, with Glenelg’s rental yield currently sitting at just 3%.
Glenelg is around a 20-minute drive to Adelaide CBD, while the tram line that runs through the suburb can have commuters in the city centre in just over half an hour.
Adelaide Airport is just to the north of Glenelg, while there are a number of shopping centres within the suburb.