If you compare the increase in value of investment property in Airport West, 3042 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this VIC suburb was -8.22%.
Across a shorter period, Airport West, 3042 has seen a median price increase of -0.58% over the last quarter.
LACK OF BUYER INTEREST may well be the reason that Airport West is offering property investors an average of -6.90. This rate of discount on properties puts Suburb at number 318th in terms of most discounted suburbs in VIC
Advertised rents are around the $420 mark per week – giving a return of 2.82% based on the median price in Suburb
VIC has seen average median house prices change by 0.68% which means that Airport West, 3042 has done well for property investors by showing a capital gain of 17.12% over the last year
When looking at the potential capital gains offered to property investors over the last 3 years, Airport West comes in at number 61th in VIC.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Airport West, 3042. Typically our figures indicate that -6.84% is being offered, which puts this VIC suburb at 442th most discounted overall in Australia.
A $430 per week rent on the median house gives suburb investors a gross yield of circa 3.44%, without taking into account capital value appreciation, which has been averaging out at 5.84%.
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Information supplied by:
December 2018
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Long-term house market
Postcode: 3042
Median house price: $845,000
Three-year growth: 40.8%
Rental yield: 2.5%
Named for its proximity to the Essendon Airport, the suburb of Airport West has a lot of growth potential.
Since 2013, prices have been on a consistent positive trend, anchored by a very high average annual growth rate. Moreover, houses are selling in just over a month. The rental market is not a hotbed of cash flow, however, so investors need to be ready to buckle down for the long haul.
Airport West is bordered by the Calder Freeway and the Tullamarine Freeway. The local Westfield on Matthews is a convenient tram stop, and there are several bus routes serving the area. Another shopping district can be found on McNamara Avenue. The renowned Silver Circus also makes Airport West its base.
The suburb is home to Niddrie Primary School, Niddrie Campus, St Christopher’s Primary School and Essendon Keilor College.