If you compare the increase in value of investment property in Tarneit, 3029 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this VIC suburb was 0.00%.
Across a shorter period, Tarneit, 3029 has seen a median price increase of -0.90% over the last quarter.
Vendor discounting in Tarneit is giving property investors an average Vendor Discount of around -7.98%. This puts suburb at number 148th in VIC when ranking the most discounted suburbs.
In the last year 614 properties changed hands in Tarneit, which puts it as the 5th most active market in VIC when comparing the number of sales per suburb.
A $395 per week rent on the median house gives suburb investors a gross yield of circa 3.73%, without taking into account capital value appreciation, which has been averaging out at 5.73%.
With a capital gain of 0.97% for the last 12 months, Tarneit, 3029 has performed for property investments than its average annual 4.56% property growth over the last 5 years.
The five-year average increase in median property values for Tarneit,3029 has given property investors a potential capital gain of 31.23% across each of those five years.
Property investors looking for a bargain in Tarneit should be aiming for at least -9.96% off the asking price, which is the average vendor discount being achieved at the moment.
In the last year 27 properties changed hands in Tarneit, which puts it as the 206th most active market in VIC when comparing the number of sales per suburb.
Advertised rents are around the $350 mark per week – giving a return of 4.59% based on the median price in Suburb
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Wyndham City suburb is tight
Median unit price: $365,000
Vacancy rate: 1.7%
Three-year growth: 19.7%
A rapidly growing suburb 7km from Werribee, Tarneit’s falling vacancy rate is representing its new popularity.
The average vacancy rate slipped from an already-low 1.8% to just 1.7% in the past 12 months leading up to November 2017. This could be due in part to the suburb’s affordability – apartments sell for a median price of $365,000. Moreover, it has strong growth potential, with much positive growth over the most recent five-year period. Rental yields are also reasonable at 4.6%.
Once mainly an agricultural area, Tarneit has been undergoing gentrification. It is the site of several schools, including Thomas Carr College, Baden Powell Prep and the Islamic College of Melbourne. Tarneit Central Shopping Centre was recently opened, and contains a supermarket.