Investment property in Burnside has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -1.23%
Burnside,3023 was ranked 1467 in Australia by increase in median property value over the quarter.
The most recent median price for Burnside is $602500, with sellers offering an average of -7.11% off the asking price.
Using the current median advertised rental of $420 and the average annual increase in value of a median property of 6.46%, investors should hope to achieve an overall return of 3.62%
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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.