Investment property in Greensborough has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -6.97%
Greensborough,3088 has offered an average of -6.97% return per annum in house price rises to property investors over the last three years.
The most recent median price for Greensborough is $767500, with sellers offering an average of -6.23% off the asking price.
Property value increases in Greensborough have tracked just lower than the VIC average of 0.68% over the last 12 months.
While Greensborough,3088 ranked number 85th in VIC for increase in median house value (annualised) increase, it is ranked 122th over the last 5 years.
Property investors looking for a bargain in Greensborough should be aiming for at least -5.17% off the asking price, which is the average vendor discount being achieved at the moment.
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Regional hub sees boom in unit demand
Median unit price: $597,000
Three-year growth: 38.2%
Rental yield: 3.1%
Originally named Keelbundoora, which is an Aboriginal term for “a round swamp,” Greensborough is a historic suburb that was first established in the 1850s. It is bordered by bushland, and Plenty River runs through it.
This suburb is characterised by strong growth, with unit prices soaring by nearly 20% in the past 12 months leading up to November 2017. Apartments are selling at low discount rates, suggesting that buyers are definitely seeing potential in this area. This is supported by the fact that units are snapped up within an average of 45 days of being placed on the market.
Greensborough is home to Greensborough Plaza, which is the main shopping hub for the suburbs in Melbourne’s north east. More shops line Main Street. A new aquatic centre has also been constructed. The main offices of the Banyule City Council also moved to Greensborough recently.