VIC has seen average median house prices change by 3.76% which means that Flemington, 3031 has done well for property investors by showing a capital gain of -18.73% over the last year
Flemington,3031 was ranked 3833 in Australia by increase in median property value over the quarter.
Vendor discounting in Flemington is giving property investors an average Vendor Discount of around -2.38%. This puts suburb at number 568th in VIC when ranking the most discounted suburbs.
At number 612 in a list of fastest selling suburbs, Flemington is in the TOP 20% of suburbs in Australia with an average of days on market 45.44 for properties listed there.
Flemington is 353th on a list of best yielding suburbs for rents in VIC with a 3.20% return
Flemington has had a pretty good year for property investment returns compared to the rest of VIC, giving investors a capital gain of 6.92% to date .
A 20.88% growth in median value for property investors in Flemington,3031 puts this suburb at number 22th in terms of best performing suburbs in VIC
Sellers are offering property buyers an average discount of -2.90% to buyers in Flemington at the moment, which is less than average for the rest of VIC.
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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.