Giving property investors a an unimpressive capital gain of 1.70% for the last year, Flemington, 3031 is the 2600th highest performer in Australia in this respect.
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.
The VIC suburb of Flemington, 3031 is in the Moonee Valley (C) local government area.
VIC has seen average median house prices change by 6.99% which means that Flemington, 3031 has done well for property investors by showing a capital gain of 33.35% over the last year
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.
State is the 4th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.10% offered to property buyers. Sellers in Flemington itself are offering an average vendor discount of -4.82% to real estate investors.
On average over the past year, suburb has had 2.17 sales per month, which equates to 26 per year.
Using the current median advertised rental of $395 and the average annual increase in value of a median property of 4.89%, investors should hope to achieve an overall return of 3.73%
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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.