Property value increases in Woodend have tracked just higher than the VIC average of 11.73% over the last 12 months.
When looking at the potential capital gains offered to property investors over the last 3 years, Woodend comes in at number 518th in VIC.
Woodend, 3442’s gross rental yield is 3.79%
Property value increases in Woodend have tracked just higher than the VIC average of 6.72% over the last 12 months.
Across a shorter period, Woodend, 3442 has seen a median price increase of 2.17% over the last quarter.
Renters in Suburb are facing rents around $4200 per annum or $350 every week.
This popular suburb is just over 70 km north of Melbourne’s CBD, which makes it a decent commute to the city, but that isn’t stopping keen buyers from snapping up houses in the area.Full summary
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This popular suburb is just over 70 km north of Melbourne’s CBD, which makes it a decent commute to the city, but that isn’t stopping keen buyers from snapping up houses in the area.
Driving, however, isn’t the only means of getting to the city. Woodend’s train station sees Melbourne bound trains pass through regularly, reaching the city’s Southern Cross station in just over an hour.
Randolph Clements, Director of Raine & Horne Victoria, believes that the pairing of expensive inner city properties and family connections back home may explain why Woodend is proving to be a popular choice among home buyers.
“Areas like Woodend are very family connected,” he says. “The kids might have moved out, but can’t buy something too expensive in Melbourne, so they come back again.”
“In Essendon for instance a block of land costs one to 1.2 million. So the best thing is to go a bit further out and get on to the ring road where you’re not that far away,” explains Clements.