At number 1680th in the list of Australian suburbs ordered by increase in median house value over the last year, Burnside, 3023 is in the top half with a property value increase of 1.90% recorded in median house prices.
Burnside,3023 has offered an average of 1.90% return per annum in house price rises to property investors over the last three years.
Property buyers and investors in Burnside 3023 should be seeing an average reduction in asking price of around -4.51% . This means that Burnside is holding prices well when compared to other suburbs in VIC.
Residents and property investors in Burnside have been waiting around 57.4516 days to sell a property.
A $430 per week rent on the median house gives suburb investors a gross yield of circa 3.63%, without taking into account capital value appreciation, which has been averaging out at 6.18%.
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Information supplied by:
June 2018
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Stunning level of house supply growth
Postcode: 3023
Median house price: $595,000
Stock on market: 311.1%
12-month growth: 12.3%
Home to the beautiful natural watercourse Kororoit Creek, Burnside is a Melbourne suburb that reported a whopping 311% increase in housing supply in the period of March 2017-2018.
The number of houses on the market increased four-fold, from 9 to 37, across this same period. This could be a response to the consistent demand shown in this suburb, which recorded nearly 50% growth in 2015. This growth has been maintained in the three months to March 2018. In addition, houses remain on sale for an average of just 22 days before being snapped up.
The upper end of Kororoit Creek runs beside Burnside, and brings in visitors curious about the creek’s diverse population of reptiles and amphibians.