At number 387th in the list of Australian suburbs ordered by increase in median house value over the last year, Woodend, 3442 is in the top 10% with a property value increase of 11.75% recorded in median house prices.
When looking at the potential capital gains offered to property investors over the last 3 years, Woodend comes in at number 23th in VIC.
State is the 5th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.90% offered to property buyers. Sellers in Woodend itself are offering an average vendor discount of -6.30% to real estate investors.
With the median price for a house in Woodend being $713500 and the advertised rent reaching $500 the gross rental yield for property investors calculates out to be 3.64%
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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.