Mortlake is in the TOP 10% in VIC when comparing median price capital growth over the last year. Mortlake gave property investors a very good capital gain figure when compared to the rest of the state, with 35.59%.
The five-year average increase in median property values for Mortlake,3272 has given property investors a potential capital gain of 62.96% across each of those five years.
Property investors looking for a bargain in Mortlake should be aiming for at least -3.44% off the asking price, which is the average vendor discount being achieved at the moment.
A $350 per week rent on the median house gives suburb investors a gross yield of circa 8.27%, without taking into account capital value appreciation, which has been averaging out at 4.47%.
Information supplied by:
House market experiences gentle growth
Median house price: $165,000
Three-year growth: 17.9%
Rental yield: 6.9%
With a rather exciting location at the foot of dormant volcano Mount Shadwell, the suburb of Mortlake is a remarkable geological site that has an abundance of the green rock peridot, also known as olivine.
Although Mount Shadwell last erupted a long time ago, Mortlake continues to capitalise on its presence by allowing visitors to fossick for olivine at the volcano’s quarry and to scavenge for “volcano bombs” – large, egg-shaped rocks ejected during eruption and containing traces of olivine. Mortlake is also known for its heritage trails, which highlight the 1850’s-era bluestone buildings in town. There are many shops and dining options as well.
Given the very low median value for houses, some may be surprised to find that Mortlake has recorded steady price increases since 2013. It is not a massive grower, but it is definitely one to look at for long-term investment.