Investment property in Deer Park has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -4.35%
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Deer Park has increased when compared to the 5 year average annual rate.
The most recent median price for Deer Park is $550000, with sellers offering an average of -6.70% off the asking price.
Deer Park, 3023’s gross rental yield is 3.59%
Property investors who have had real estate in Deer Park, 3023 should be relatively pleased with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 0.67%
When looking at the potential capital gains offered to property investors over the last 3 years, Deer Park comes in at number 26th in VIC.
At number 223 in a list of fastest selling suburbs, Deer Park is in the TOP 20% of suburbs in Australia with an average of days on market 60.1667 for properties listed there.
Situated 17.91km from the CBD, Deer Park is one of Brimbank (C) localities in the postcode 3023.
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Apartment value soars in commuter-friendly suburb
Median unit price: $345,000
Three-year growth: 15.00%
Rental yield: 4.67%
The large suburb of Deer Park benefits from an excellent location just 17km west of the Melbourne CBD. Specifically, the unit market has been seeing significant, steady growth over the past five years and shows no signs of slowing down.
The suburb got its name after the Melbourne Hunt Club once housed its game deer here. The Club’s home has since been converted into a community centre next to a sports oval. Several schools have also been established in the suburb, including primary schools and a secondary college. Travel is convenient via train and bus, and Ballarat Road passes through the suburb.
Large blocks of farm property on the fringes of Deer Park are also being developed for housing. Thus, now is a good time to enter the market while apartment prices are still reasonable and the average rental yield is strong at almost 5%.