Sellers are offering property buyers an average discount of -4.34% to buyers in Mortlake at the moment, which is less than average for the rest of VIC.
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Information supplied by:
February 2019
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House market experiences gentle growth
Postcode: 3272
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.