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 -2.04%
Across a shorter period, Deer Park, 3023 has seen a median price increase of 1.56% over the last quarter.
LACK OF BUYER INTEREST may well be the reason that Deer Park is offering property investors an average of -6.51. This rate of discount on properties puts Suburb at number 422th in terms of most discounted suburbs in VIC
With the median price for a house in Deer Park being $553500 and the advertised rent reaching $380 the gross rental yield for property investors calculates out to be 3.57%
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 7.06%
Taking the average capital gain, or increase in median house value, Deer Park,3023 has racked up an average of 7.06% over the period. This ranks it number 64th in the whole country for real estate investors looking at median house price increases.
With the median price for a house in Deer Park being $477500 and the advertised rent reaching $360 the gross rental yield for property investors calculates out to be 3.92%
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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%.