Flemington, 3031 ranked 374th in VIC when comparing growth in median property values or capital gain over the last 12 months. Flemington is one of 2099 in our list for VIC
Taking the average capital gain, or increase in median house value, Flemington,3031 has racked up an average of 4.17% over the period. This ranks it number 2490th in the whole country for real estate investors looking at median house price increases.
Advertised rents are around the $550 mark per week – giving a return of 2.81% based on the median price in Suburb
Property investors who have had real estate in Flemington, 3031 should be 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 21.48%
A 15.39% growth in median value for property investors in Flemington,3031 puts this suburb at number 358th in terms of best performing suburbs in VIC
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Flemington, 3031. Typically our figures indicate that -5.60% is being offered, which puts this VIC suburb at 135th most discounted overall in Australia.
On average over the past year, suburb has had 2.50 sales per month, which equates to 30 per year.
Using the current median advertised rental of $385 and the average annual increase in value of a median property of 3.72%, investors should hope to achieve an overall return of 3.88%
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WBP’s Sean Thomson suggests that it’s becoming hard to buy well in Flemington’s house market, as prices have gone up so substantially in recent times. “It’s become a very popular area. If you can get into the area, I’d be concentrating on the apartment market,” he says.
Units have been more than holding their own compared to houses, and their median price offers an entry point that's realistic on an investor budget.
“I would be concentrating on either one- or two-bedroom apartments,” says Thomson. “As an investor I’d stay away from three-bedrooms. With the investor market, if you buy a one- or two-bedroom apartment, in a 10 to 15-year time period you’re going to have better growth and more opportunity with buyers in the long-term. The three-bedroom market is mainly homebuyers rather than homebuyers and investors.”
He adds that Flemington, like a lot of Melbourne’s popular inner-ring suburbs, offers the kind of lifestyle and amenities that the city’s urban go-getters look for.
“The village lifestyle is becoming very important, where people eat out for breakfast lunch and dinner. So if you’re close to 24-7 wining and dining, but also parks and public transport then your property’s going to become more and more popular as time goes on.”
And with half of Flemington’s population being renters, according to ABS data, it appears that the local demographics support Thomson’s thinking.