VIC has seen average median house prices change by 2.87% which means that Woodend, 3442 has done well for property investors by showing a capital gain of 7.00% over the last year
When looking at the potential capital gains offered to property investors over the last 3 years, Woodend comes in at number 15th in VIC.
Property investors looking for a bargain in Woodend should be aiming for at least -6.20% off the asking price, which is the average vendor discount being achieved at the moment.
With the median price for a house in Woodend being $726250 and the advertised rent reaching $510 the gross rental yield for property investors calculates out to be 3.65%
Investment property in Woodend has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 12.99%
Renters in Suburb are facing rents around $20800 per annum or $400 every week.
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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.