If you compare the increase in value of investment property in North Melbourne, 3051 to the rest of Australia, it performed very well. The median increase in value, or capital gain property investors experienced for this VIC suburb was 27.83%.
A 55.95% growth in median value for property investors in North Melbourne,3051 puts this suburb at number 214th in terms of best performing suburbs in VIC
A $660 per week rent on the median house gives suburb investors a gross yield of circa 2.65%, without taking into account capital value appreciation, which has been averaging out at 9.26%.
Giving property investors a a poor capital gain of -10.90% for the last year, North Melbourne, 3051 is the 1321th highest performer in Australia in this respect.
Taking the average capital gain, or increase in median house value, North Melbourne,3051 has racked up an average of -10.90% over the period. This ranks it number 1469th in the whole country for real estate investors looking at median house price increases.
Our latest figures would indicate that property sellers in North Melbourne are currently offering property investors an average price cut of -8.05% below the asking price at the moment.
A $460 per week rent on the median house gives suburb investors a gross yield of circa 5.63%, without taking into account capital value appreciation, which has been averaging out at 2.16%.
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