Property investors who have had real estate in Flemington, 3031 should be relatively unhappy 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 1.95%
Over the longer term, Flemington has seen property prices show investors a -6.25% return over the last 3 years. This is an improvement over the last 12 months
Situated 4.53km from the CBD, Flemington is one of Moonee Valley (C) localities in the postcode 3031.
Giving property investors a a poor capital gain of -8.46% for the last year, Flemington, 3031 is the 1413th highest performer in Australia in this respect.
If we look at median property appreciation over just the last three months, Flemington has given property investors a paper return of -15.46%. This puts Suburb as 361 on a list of fastest fasting appreciating suburbs in VIC
At number 178th of VIC’s most discounted properties, Flemington is in the TOP 10% of the state/territory when listing in order of most discounted to least.
At number 208 in a list of fastest selling suburbs, Flemington is in the TOP 20% of suburbs in Australia with an average of days on market 47.2692 for properties listed there.
Property investors should expect to get $380 weekly from the median priced house in this suburb.
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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.