Investment property in Grovedale has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 10.00%
Grovedale,3216 has offered an average of 10.00% return per annum in house price rises to property investors over the last three years.
Sellers are offering property buyers an average discount of -3.54% to buyers in Grovedale at the moment, which is less than average for the rest of VIC.
With the median price for a house in Grovedale being $440000 and the advertised rent reaching $360 the gross rental yield for property investors calculates out to be 4.25%
Grovedale is an average performer in VIC when comparing median price capital growth over the last year. Grovedale gave property investors a average capital gain figure when compared to the rest of the state, with 6.45%.
Across a shorter period, Grovedale, 3216 has seen a median price increase of 0.00% over the last quarter.
LACK OF BUYER INTEREST may well be the reason that Grovedale is offering property investors an average of -4.58. This rate of discount on properties puts Suburb at number 148th in terms of most discounted suburbs in VIC
Often selling an investment property can take time, and in Grovedale the average time real estate has been on the market is 66.37 days.
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