Investment property in Grovedale has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 13.43%
Grovedale,3216 was ranked 906 in Australia by increase in median property value over the quarter.
Our latest figures would indicate that property sellers in Grovedale are currently offering property investors an average price cut of -2.95% below the asking price at the moment.
Grovedale is 227th on a list of best yielding suburbs for rents in VIC with a 4.16% return
Grovedale is an average performer in VIC when comparing median price capital growth over the last year. Grovedale gave property investors a good capital gain figure when compared to the rest of the state, with 8.18%.
Over the longer term, Grovedale has seen property prices show investors a 48.13% return over the last 3 years. This is worse than over the last 12 months
Grovedale, 3216 is offering VIC ‘s 301th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 10% of discounts offered by this VIC.
Residents and property investors in Grovedale have been waiting around 11 days to sell a property.
A $320 per week rent on the median house gives suburb investors a gross yield of circa 4.66%, without taking into account capital value appreciation, which has been averaging out at 4.40%.
Grovedale has attracted strong interest from investors, in large part due to its high average returns of over 5%, which suggests a strong rental market.Full summary
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Former Germantown draws interest from student body
Median unit price: $299,000
Three-year growth: 2.66%
Rental yield: 5.22%
The residential suburb of Grovedale has appealed to investors for many years, with its high average returns of over 5% suggesting a strong rental market. In the past year up to April 2017, apartment values jumped by nearly 11%.
This trend has continued into the April 2017 quarter, indicating that the suburb has long-term potential. Units go off the market at low discount rates as well. This is likely because of the demand from students at Deakin University.
Grovedale is quite accessible due to its location on the Surfcoast Highway, in addition to being less than 10 minutes from Torquay. The Surf Coast itself is a short drive away. The suburb is affordable as well, with the median unit price coming in at under $300,000. Close