Suburb Profile Report for Springvale South VIC (3172)

Springvale South House: Median price $685,500, Annual capital growth 6.15%, Number of sales 66, Weekly median advertised rent $400

Springvale South Unit: Median price $475,000, Annual capital growth 5.05%, Number of sales 34, Weekly median advertised rent $360

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

Source: Monthly data update for Jun 2020 as supplied by CoreLogic. Data is reported to the period ending Mar 2020. Please note that property sales data is routinely updated, so may change retrospectively.

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Investment property in Springvale South 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 -3.11%

Taking the average capital gain, or increase in median house value, Springvale South,3172 has racked up an average of -3.11% over the period. This ranks it number 2157th in the whole country for real estate investors looking at median house price increases.

Springvale South, 3172 is offering VIC ‘s 205th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 40% of discounts offered by this VIC.

Residents and property investors in Springvale South have been waiting around 82.3939 days to sell a property.

Using the current median advertised rental of $400 and the average annual increase in value of a median property of 6.15%, investors should hope to achieve an overall return of 3.03%

Property investors who have had real estate in Springvale South, 3172 should be unhappy with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -11.12%

Across a shorter period, Springvale South, 3172 has seen a median price increase of 1.06% over the last quarter.

At number 154 in a list of fastest selling suburbs, Springvale South is in the TOP 20% of suburbs in Australia with an average of days on market 50.2174 for properties listed there.

Information supplied by:


September 2018

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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
$685,500 $475,000
0.96% 1.06%
-3.11% -11.12%
6.15% 5.05%
$400 $360
66 34
3.03% 3.94%
82.3939393939394 50.2173913043478

Source: Monthly data update for Jun 2020 as supplied by CoreLogic. Data is reported to the period ending Mar 2020. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Good (H), Good (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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