Over the last year, property investments in North Melbourne, 3051 have given investors a capital gain of -17.50%. This compares very badly with the -1.79% for VIC as a whole.
The five-year average increase in median property values for North Melbourne,3051 has given property investors a potential capital gain of 24.53% across each of those five years.
Vendor discounting in North Melbourne is giving property investors an average Vendor Discount of around -6.62%. This puts suburb at number 298th in VIC when ranking the most discounted suburbs.
Property investors should expect to get $650 weekly from the median priced house in this suburb.
Property investors who have had real estate in North Melbourne, 3051 should be unhappy with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -12.33%
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in North Melbourne has fallen somewhat when compared to the 5 year average annual rate.
Vendor discounting in North Melbourne is giving property investors an average Vendor Discount of around -6.49%. This puts suburb at number 116th in VIC when ranking the most discounted suburbs.
Residents and property investors in North Melbourne have been waiting around 65.7882 days to sell a property.
North Melbourne, 3051’s gross rental yield is 5.56%
Information supplied by:
Rendina Real Estate
North Melbourne being an established high density structured suburb, being approximately 2 kms north-west of the Melbourne Central Business District. It offers an abundance of diversity. In present times North Melbourne continues to undergo restoration which is noted for an abundance of Victorian architecture, commercial and older style industrial areas. The suburb of North Melbourne is bounded by The CityLink Freeway to the west, Victoria Street to the South.
At number 2655th in the list of Australian suburbs ordered by increase in median house value over the last year, North Melbourne, 3051 is in the BOTTOM 40% with a property value increase of -2.10% recorded in median house prices.
North Melbourne, 3051 has offered an average of -2.10% return per annum in house price rises to property investors over the last three years. Sellers are offering property buyers an average discount of -9.48% to buyers in North Melbourne at the moment, which is less than average for the rest of VIC.
At number 1992 in a list of fastest selling suburbs, North Melbourne is just in the bottom half of suburbs in Australia with an average of days on market 104.45 for properties listed there.
Using the current median advertised rental of $500 and the average annual increase in value of a median property of 7.01%, investors should hope to achieve an overall return of 3.71%
Selling points: Predominant housing types are old Victorian-style terrace dwellings warehouses, and some low-rise apartments. In the 1990’s many of the older style factories and warehouses were converted into today’s fashionable loft – style apartments.
Most common properties: Victorian style dwellings, As Is or renovated.
Top amenities: Mixture of Primary and Secondary Schools, Churches, local library, recreational and sporting facilities with Melbourne University being within close proximity.
Local industry and business: Mixture of retail, cafe’s and commercial precinct, fast food stores and supermarkets, hospitals With the main shopping precinct, being Errol Street. With the “Queen Victoria Market” being a well known tourist attraction.
Recent changes: Gentrification of North Melbourne, capitalising on the close proximity to the Central Business District, and easy access to Universities.
Best streets: Errol Street, Victoria Street, Abbotsford Street and Queensberry Street.
Public transport: Infrastructure, West Melbourne Train Station, tram services and bus routes.
Main arteries: CityLink