West Melbourne is in the bottom 10% in VIC when comparing median price capital growth over the last year. West Melbourne gave property investors a dismal capital gain figure when compared to the rest of the state, with -35.63%.
Taking the average capital gain, or increase in median house value, West Melbourne,3003 has racked up an average of -35.63% over the period. This ranks it number 734th in the whole country for real estate investors looking at median house price increases.
Situated 1.60km from the CBD, West Melbourne is one of Melbourne (C) localities in the postcode 3003.
With a capital gain of 0.09% for the last 12 months, West Melbourne, 3003 has performed for property investments than its average annual 2.69% property growth over the last 5 years.
West Melbourne,3003 was ranked 988 in Australia by increase in median property value over the quarter.
Property buyers and investors in West Melbourne 3003 should be seeing an average reduction in asking price of around -5.67% . This means that West Melbourne is holding prices well when compared to other suburbs in VIC.
Often selling an investment property can take time, and in West Melbourne the average time real estate has been on the market is 71.8776 days.
With the median price for a house in West Melbourne being $570000 and the advertised rent reaching $487.5 the gross rental yield for property investors calculates out to be 4.45%