Property value increases in Fairfield have tracked lower than the VIC average of -1.79% over the last 12 months.
Fairfield,3078 was ranked 3902 in Australia by increase in median property value over the quarter.
Fairfield, 3078 is offering VIC ‘s 464th 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.
Property investors should expect to get $620 weekly from the median priced house in this suburb.
Investment property in Fairfield has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 15.42%
The five-year average increase in median property values for Fairfield,3078 has given property investors a potential capital gain of 17.31% across each of those five years.
LACK OF BUYER INTEREST may well be the reason that Fairfield is offering property investors an average of -6.31. This rate of discount on properties puts Suburb at number 240th in terms of most discounted suburbs in VIC
A $370 per week rent on the median house gives suburb investors a gross yield of circa 3.15%, without taking into account capital value appreciation, which has been averaging out at 6.03%.
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Fairfield is just 6km northeast of the Melbourne CBD. The suburb is well-served for transport links, with rail links to the city, as well as the Heidelberg Road and the Eastern Freeway providing road access.
There are a range of eateries and shops along the suburb’s main drag of Station Street. There are two primary schools in the suburb as well as a TAFE campus, and the Thomas Embling Hospital is situated in Fairfield Park.
The median house price for the area is over $800,000 according to RP Data, but three-bedroom houses and properties in need of renovation are significantly more affordable.