At number 3693th in the list of Australian suburbs ordered by increase in median house value over the last year, Elsternwick, 3185 is in the BOTTOM 10% with a property value increase of -13.61% recorded in median house prices.
Elsternwick,3185 has offered an average of -13.61% return per annum in house price rises to property investors over the last three years.
Elsternwick, 3185 ranked 222th in VIC when comparing growth in median property values or capital gain over the last 12 months. Elsternwick is one of 2099 in our list for VIC
Taking the average capital gain, or increase in median house value, Elsternwick,3185 has racked up an average of -3.28% over the period. This ranks it number 334th in the whole country for real estate investors looking at median house price increases.
Sellers are offering property buyers an average discount of -5.91% to buyers in Elsternwick at the moment, which is less than average for the rest of VIC.
Advertised rents are around the $440 mark per week – giving a return of 3.69% based on the median price in Suburb
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Information supplied by:
March 2017
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Entertainment hub attracts a buying crowd
Median unit price: $595,000
Three-year growth: 15.53%
Rental yield: 3.50%
In the southeast part of Melbourne’s CBD lies Elsternwick, known for its lively entertainment scene.
Cafes and restaurants line Glen Huntly Road, and this convenience could be a good reason why this suburb has consistently been popular with buyers. Elsternwick has not stumbled in recent years, with an average annual growth rate of 5.4%. The average vacancy rate fell to 1.7% in the past year, highlighting the demand in this area. Even though the returns gained by investors are not very significant, they are certainly steady.
Elsternwick is also highly accessible, being bordered by the Nepean Highway. Melbourne can be reached in less than 30 minutes by driving along Orrong Road and Princes Highway, and trams run daily to and from the capital. The Elsternwick railway station has also been established on Riddell Parade.