If you compare the increase in value of investment property in Tullamarine, 3043 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 -9.09%.
Tullamarine,3043 has offered an average of -9.09% return per annum in house price rises to property investors over the last three years.
In the last year 55 properties changed hands in Tullamarine, which puts it as the 386th most active market in VIC when comparing the number of sales per suburb.
Situated 14.72km from the CBD, Tullamarine is one of Hume (C) localities in the postcode 3043.
At number 783th in the list of Australian suburbs ordered by increase in median house value over the last year, Tullamarine, 3043 is in the BOTTOM 50% with a property value increase of -2.53% recorded in median house prices.
A 38.21% growth in median value for property investors in Tullamarine,3043 puts this suburb at number 248th in terms of best performing suburbs in VIC
With the median price for a house in Tullamarine being $463000 and the advertised rent reaching $370 the gross rental yield for property investors calculates out to be 4.16%
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Competition is strong for units
Median unit price: $480,000
Three-year growth: 48.8%
Rental yield: 3.7%
A suburb that is part of three LGAs – Brimbank, Hume and Moreland – Tullamarine is a reasonably priced suburb about half an hour’s drive from the Melbourne CBD.
Following a rise of almost 30% in apartment values in the year to May 2018, the median price rests at $480,000. The suburb enjoys long-term demand, with growth steady since 2013. There is healthy competition for properties, with units staying on the market for only 34 days on average before being sold. The average discount rate, only 3.1% also indicates that vendors don’t have a hard time selling.
Tullamarine has the Melbourne airport on its western boundary, making it very convenient for frequent travellers. The suburb sits near Moonee Ponds Creek as well. The local economy is supported by multinational aerospace firms with offices in this suburb.