Investment property in Park Orchards 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 -6.20%
When looking at the potential capital gains offered to property investors over the last 3 years, Park Orchards comes in at number 363th in VIC.
At number 2510 in a list of fastest selling suburbs, Park Orchards is in the bottom 40% of suburbs in Australia with an average of days on market 91.6471 for properties listed there.
Situated 22.33km from the CBD, Park Orchards is one of Manningham (C) localities in the postcode 3114.
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Nestled 25km east of central Melbourne, Park Orchards is an affluent bushland suburb with a median home price of around $1m. The area is connected to Melbourne via a 17 minute freeway trip into the CBD, or by nearby rail connections in Ringwood.
“The area is mostly family-oriented,” says Caroline Lyons of Philip Webb in nearby Ringwood. “A lot of people like to move into the area for its high-quality primary and secondary schools, public and private.”
Lyons adds that the area offers what she calls ‘elite-style living’ with a heavy family focus, including multiple sports clubs and recreation facilities. A primary feature in Park Orchards is The 100 Acres bushland reserve that was conserved from development in the 1970s by concerted community action, and is now home to a wide variety of local indigenous plants, birds and animals including echidnas and sugar gliders.
With a 10 year average hold period, Lyons says families tend to want to hang onto their perch in what she calls “a lovely area for nature and wildlife that is characterized by its village feel and little cafes”.