With a capital gain of 1.16% for the last 12 months, Preston, 3072 has performed for property investments than its average annual 6.40% property growth over the last 5 years.
Over the longer term, Preston has seen property prices show investors a 7.98% return over the last 3 years. This is worse than over the last 12 months
Property buyers and investors in Preston 3072 should be seeing an average reduction in asking price of around -4.97% . This means that Preston is holding prices well when compared to other suburbs in VIC.
Property investors who have had real estate in Preston, 3072 should be relatively pleased with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 7.44%
Across a shorter period, Preston, 3072 has seen a median price increase of 0.52% over the last quarter.
Sellers are offering property buyers an average discount of -4.96% to buyers in Preston at the moment, which is less than average for the rest of VIC.
A $420 per week rent on the median house gives suburb investors a gross yield of circa 4.52%, without taking into account capital value appreciation, which has been averaging out at 2.03%.
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.