Giving property investors a an average capital gain of 9.45% for the last year, Flemington, 3031 is the 1969th highest performer in Australia in this respect.
Comparing Flemington,3031 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
At number 847 in a list of fastest selling suburbs, Flemington is in the TOP 30% of suburbs in Australia with an average of days on market 46.3846 for properties listed there.
Renters in Suburb are facing rents around $28600 per annum or $550 every week.
At number 1559th in the list of Australian suburbs ordered by increase in median house value over the last year, Flemington, 3031 is in the BOTTOM 10% with a property value increase of -14.55% recorded in median house prices.
While Flemington,3031 ranked number 148th in VIC for increase in median house value (annualised) increase, it is ranked 333th over the last 5 years.
Flemington, 3031 is offering VIC ‘s 204th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 10% of discounts offered by this VIC.
Residents and property investors in Flemington have been waiting around 37.75 days to sell a property.
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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.