Over the last year, property investments in Flemington, 3031 have given investors a capital gain of 4.87%. This compares favourably with the -1.79% for VIC as a whole.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Flemington has increased when compared to the 5 year average annual rate.
Often selling an investment property can take time, and in Flemington the average time real estate has been on the market is 51.8 days.
At number 1159th in the list of Australian suburbs ordered by increase in median house value over the last year, Flemington, 3031 is in the BOTTOM 30% with a property value increase of -8.92% recorded in median house prices.
The five-year average increase in median property values for Flemington,3031 has given property investors a potential capital gain of 8.94% across each of those five years.
At number 176th of VIC’s most discounted properties, Flemington is in the TOP 40% of the state/territory when listing in order of most discounted to least.
In the last year 23 properties changed hands in Flemington, which puts it as the 233th most active market in VIC when comparing the number of sales per suburb.
The VIC suburb of Flemington, 3031 is in the Moonee Valley (C) local government area.
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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.