With a capital gain of 0.00% for the last 12 months, Kingsville, 3012 has performed for property investments than its average annual 6.08% property growth over the last 5 years.
If we look at median property appreciation over just the last three months, Kingsville has given property investors a paper return of 1.31%. This puts Suburb as 361 on a list of fastest fasting appreciating suburbs in VIC
Sellers are offering property buyers an average discount of -3.79% to buyers in Kingsville at the moment, which is less than average for the rest of VIC.
Often selling an investment property can take time, and in Kingsville the average time real estate has been on the market is 48.05 days.
Using the current median advertised rental of $550 and the average annual increase in value of a median property of 6.08%, investors should hope to achieve an overall return of 2.97%
Over the last year, property investments in Kingsville, 3012 have given investors a capital gain of -0.27%. This compares badly with the 6.11% for VIC as a whole.
While Kingsville,3012 ranked number 8th in VIC for increase in median house value (annualised) increase, it is ranked 144th over the last 5 years.
Information supplied by:
What Kingsville’s units have going for them is affordability. At just 10km east of the CBD, with good road links and a train station just a short walk away, Kingsville’s median unit price is something of a steal.
It may not be the most fashionable of Melbourne’s inner- to middle-ring suburbs, but its one to watch as the ripple effect takes hold.
“I love Kingsville,” says Australian Property Buyers managing director Karin Mackay. “It doesn’t have the cafe latte set that Yarraville and Seddon villages have, but they’re both only about a 15-minute walk away.”
Buyer Solutions director Janet Spencer adds that the Kingsville market has really been driven by the excellent shopping in Yarraville’s Anderson Street, and that the appeal of this shopping district has radiated out towards neighbouring suburbs.
When it comes to what to buy, Mackay points out that the area has traditionally been a good pick for investors looking for apartments from the 60s and 70s to makeover and create some added value.
“But there’s also a new block of around 11 apartments that’s just being completed,” she adds. “And they’re the first new apartments that we’ve seen here for several years.”
Spencer adds that while around 10 years ago the trend was for investors to buy and renovate period homes, it’s Kingsville’s unit market that draws in the investor crowd nowadays.
“Units are the affordable option now. I’d recommend buying two-bedroom units with off-street parking and a laundry.”
Looking at its rental market statistics, renters make up about a third of the suburb’s population.