Investment property in Diggers Rest 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 5.85%
Over the longer term, Diggers Rest has seen property prices show investors a 53.67% return over the last 3 years. This is worse than over the last 12 months
Vendor discounting in Diggers Rest is giving property investors an average Vendor Discount of around -7.93%. This puts suburb at number 144th in VIC when ranking the most discounted suburbs.
With the median price for a house in Diggers Rest being $497500 and the advertised rent reaching $400 the gross rental yield for property investors calculates out to be 4.18%
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Sunbury neighbour a bargain for house hunters
Median house price: $350,250
Three-year growth: 23.98%
Rental yield: 4.90%
Roughly a 30-minute drive northwest of Melbourne lies the suburb of Diggers Rest. Once known for being a stop on the way to the Sunbury Pop Festival in the 1970s, it is now a consistently growing area with room for both work and play.
The suburb is home to amenities like a primary school and several huge recreation reserves. It is also highly accessible, being near the Calder Freeway and housing a railway station.
Diggers Rest has exhibited a significant price boost of over 23% for houses over the past 12 months, with the recent March 2017 quarter logging nearly 11% growth. Despite this hike, houses are still affordable at just over $350,000 – a bargain especially considering its relative proximity to the CBD. Investors also enjoy high yields of 4.9%, while vendors see properties on the market snapped up very quickly. Thus, buyers should move fast to get a foothold here.