With a capital gain of 1.50% for the last 12 months, Airport West, 3042 has performed for property investments than its average annual 5.62% property growth over the last 5 years.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Airport West has increased when compared to the 5 year average annual rate.
Property buyers and investors in Airport West 3042 should be seeing an average reduction in asking price of around -5.10% . This means that Airport West is holding prices well when compared to other suburbs in VIC.
Property investors should expect to get $419.5 weekly from the median priced house in this suburb.
At number 611th in the list of Australian suburbs ordered by increase in median house value over the last year, Airport West, 3042 is in the top 40% with a property value increase of 3.28% recorded in median house prices.
Taking the average capital gain, or increase in median house value, Airport West,3042 has racked up an average of 3.28% over the period. This ranks it number 330th in the whole country for real estate investors looking at median house price increases.
Property investors looking for a bargain in Airport West should be aiming for at least -6.00% off the asking price, which is the average vendor discount being achieved at the moment.
Situated 12.27km from the CBD, Airport West is one of Moonee Valley (C) localities in the postcode 3042.
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Long-term house market
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.