With a capital gain of 7.57% for the last 12 months, Flemington, 3031 has performed for property investments than its average annual 5.63% property growth over the last 5 years.
If we look at median property appreciation over just the last three months, Flemington has given property investors a paper return of -0.50%. This puts Suburb as 604 on a list of fastest fasting appreciating suburbs in VIC
Situated 4.49km from the CBD, Flemington is one of Moonee Valley (C) localities in the postcode 3031.
Investment property in Flemington has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 9.92%
The five-year average increase in median property values for Flemington,3031 has given property investors a potential capital gain of 5.99% across each of those five years.
Property buyers and investors in Flemington 3031 should be seeing an average reduction in asking price of around -5.67% . This means that Flemington is holding prices well when compared to other suburbs in VIC.
Advertised rents are around the $395 mark per week – giving a return of 4.36% based on the median price in 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.