Suburb Profile Report for Springvale South VIC (3172)

Springvale South House: Median price $665,000, Annual capital growth 6.79%, Number of sales 61, Weekly median advertised rent $390

Springvale South Unit: Median price $504,250, Annual capital growth 6.89%, Number of sales 27, Weekly median advertised rent $360

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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Property value increases in Springvale South have tracked lower than the VIC average of -1.79% over the last 12 months.

Comparing Springvale South,3172 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period

When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Springvale South, 3172. Typically our figures indicate that -8.97% is being offered, which puts this VIC suburb at 514th most discounted overall in Australia.

With the median price for a house in Springvale South being $665000 and the advertised rent reaching $390 the gross rental yield for property investors calculates out to be 3.05%

Springvale South, 3172 ranked 215th in VIC when comparing growth in median property values or capital gain over the last 12 months. Springvale South is one of 2099 in our list for VIC

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Springvale South has increased when compared to the 5 year average annual rate.

Springvale South3172 is located in VIC which offers an average discount of -6.31% to property investors. Springvale South itself is showing figures that indicate -7.95% is the average achievable by property buyers investing in the suburb.

Renters in Suburb are facing rents around $18720 per annum or $360 every week.

Information supplied by:


September 2018

M
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Numbers go up

Postcode: 3172

Median unit price: $500,000

Three-year growth: 44.7%

Rental yield: 3.6%

24km from the Melbourne CBD, the suburb of Springvale South has seen steadfast growth since 2013, and shows no signs of letting up any time soon.

In the three months to June 2018, unit values spiked by 10.4%, bringing the median price to $500,000 at an average annual growth rate of 6.1%. There is high demand for apartments in this area, as evidenced by how those on the market are snapped up in less than a month on average.

Springvale South is part of the LGA of the City of Greater Dandenong, and is the location of Springvale South Primary School, Spring Parks Primary School, Heatherhill Primary School and Keysborough Secondary College. Springvale South is the immediate neighbour of Springville in the south, and is a food-lover’s dream, given the many available dining options in the area.

Metrics i HOUSE UNIT
$665,000 $504,250
-2.92% -5.31%
-10.86% -3.03%
6.79% 6.89%
$390 $360
61 27
3.05% 3.71%
88.8684210526316 66.6

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Above average (H), Above average (U)
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Demographics
Total population 12183
Median household income ($/weekly) 998
Median age of persons 34
Median housing loan repayment ($/monthly) 1517
Average household size 3.1
  • Census Count Percent(%)
    5-14 years 1555 12.8
    25-34 years 1918 15.7
    35-44 years 1638 13.4
    45-54 years 1616 13.3
    55-64 years 1353 11.1
    Others 4103 33.7
    Age Group
    Census Count Percent(%)
    Not Married 4445 48.1
    Registered Married 4403 47.6
    Defacto Relationship 402 4.3
    Social Marital Status
  • Census Count Percent(%)
    Australia 4664 40.5
    Canada 1429 12.4
    Indonesia 496 4.3
    Viet Nam 2228 19.4
    Other 770 6.7
    Others 1916 16.7
    Country of Birth
    Census Count Percent(%)
    Buddhism 4275 37.9
    Christianity 4543 40.3
    Islam 351 3.1
    Other Religious Groups 344 3.0
    No Religion 1579 14.0
    Others 188 1.7
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 404 12.2
    $600-$799 400 12.0
    $800-$999 368 11.1
    $1,000-$1,249 373 11.2
    $1,500-$1,999 421 12.7
    Others 1355 40.8
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 3877 41.6
    Employed, worked full-time 3150 33.8
    Employed, worked part-time 1450 15.6
    Unemployed, looking for work 494 5.3
    Employed, away from work 350 3.8
    Person Characteristics
  • Census Count Percent(%)
    Professionals 538 10.9
    Technicians & trades workers 756 15.3
    Clerical & administrative workers 582 11.8
    Machinery operators & drivers 723 14.6
    Labourers 986 19.9
    Others 1365 27.6
    Occupation
    Census Count Percent(%)
    Infants/Primary 883 29.5
    Secondary 937 31.3
    Technical or Further Educational Institution 294 9.8
    University or other Tertiary Institutions 536 17.9
    Other type of educational institution 179 6.0
    Others 162 5.4
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 9814 84.2
    Semi-detached, row or terrace house, townhouse 906 7.8
    Flat, unit or apartment 876 7.5
    Caravan, cabin, houseboat 53 0.5
    House or flat attached to a shop, office 12 0.1
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 1403 39.2
    Being purchased 1265 35.3
    Rented 890 24.8
    Other tenure type 25 0.7
    Tenure Type
Census 2011, ABS
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