SA has seen average median house prices change by 2.33% which means that Glenelg, 5045 has done well for property investors by showing a capital gain of 7.45% over the last year
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Glenelg has increased when compared to the 5 year average annual rate.
LACK OF BUYER INTEREST may well be the reason that Glenelg is offering property investors an average of -6.04. This rate of discount on properties puts Suburb at number 96th in terms of most discounted suburbs in SA
With the median price for a house in Glenelg being $505000 and the advertised rent reaching $395 the gross rental yield for property investors calculates out to be 4.07%
By the sea in Adelaide’s south-west, the suburb of Glenelg seems to have hit somewhat of a rough patch in recent times.Full summary
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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.Close
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.