Preston has had a very poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of -11.00% to date .
When looking at the potential capital gains offered to property investors over the last 3 years, Preston comes in at number 501th in VIC.
Our latest figures would indicate that property sellers in Preston are currently offering property investors an average price cut of -5.71% below the asking price at the moment.
In the last year 240 properties changed hands in Preston, which puts it as the 62th most active market in VIC when comparing the number of sales per suburb.
Investment property in Preston has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -0.33%
Over the longer term, Preston has seen property prices show investors a 0.77% return over the last 3 years. This is worse than over the last 12 months
Preston, 3072 is offering VIC ‘s 194th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 30% of discounts offered by this VIC.
Information supplied by:
Preston, VIC – Streak continues
Median unit price: $463,750
Three-year growth: 1.9%
Rental yield: 4.6%
Located just 9km north of the Melbourne CBD, the suburb of Preston is bordered by Darebin Creek, and is an artists’ cove. This artists haven is quickly catching the eye of property investors.
Writers, musicians and artists work together and perform contemporary, experimental pieces in the area. The community is composed of a culturally diverse crowd, including the Melbourne Ukulele Kollective, Performing Older Women’s Circus and the Darebin City Brass. Artists also get to show off their talents via festivals like the Darebin Music Feast.
It’s not all about entertainment only, as the suburb also contains many schools, including Preston Primary, a Parade College campus, and a campus of the Melbourne Polytechnic.
The unit market continued its streak of positive growth with a 2.4% boost in prices over April 2018-2019.