Flemington is an average performer in VIC when comparing median price capital growth over the last year. Flemington gave property investors a average capital gain figure when compared to the rest of the state, with -1.29%.
Flemington,3031 has offered an average of -1.29% return per annum in house price rises to property investors over the last three years.
Property investors looking for a bargain in Flemington should be aiming for at least -2.83% off the asking price, which is the average vendor discount being achieved at the moment.
On average over the past year, suburb has had 3.92 sales per month, which equates to 47 per year.
Flemington, 3031’s gross rental yield is 2.92%
Flemington, 3031 ranked 283th in VIC when comparing growth in median property values or capital gain over the last 12 months. Flemington is one of 2099 in our list for VIC
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.
At number 135th of VIC’s most discounted properties, Flemington is in the middle of the state/territory when listing in order of most discounted to least.
With the median price for a house in Flemington being $393000 and the advertised rent reaching $385 the gross rental yield for property investors calculates out to be 5.09%
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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.