If you compare the increase in value of investment property in Flemington, 3031 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this VIC suburb was 5.56%.
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.
Vendor discounting in Flemington is giving property investors an average Vendor Discount of around -3.05%. This puts suburb at number 602th in VIC when ranking the most discounted suburbs.
Renters in Suburb are facing rents around $6360 per annum or $530 every week.
VIC has seen average median house prices change by 7.73% which means that Flemington, 3031 has done well for property investors by showing a capital gain of 5.77% over the last year
Comparing Flemington,3031 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
Sellers are offering property buyers an average discount of -3.21% to buyers in Flemington at the moment, which is less than average for the rest of VIC.
Situated 3.85km from the CBD, Flemington is one of Moonee Valley localities in the postcode 3031.
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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.
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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.
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