Property value increases in Park Orchards have tracked higher than the VIC average of 4.41% over the last 12 months.
Over the longer term, Park Orchards has seen property prices show investors a 22.86% return over the last 3 years. This is worse than over the last 12 months
Residents and property investors in Park Orchards have been waiting around 72.1579 days to sell a property.
Park Orchards, 3114’s gross rental yield is 2.80%
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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”.