Over the last year, property investments in Red Cliffs, 3496 have given investors a capital gain of 11.90%. This compares very favourably with the 2.87% for VIC as a whole.
While Red Cliffs,3496 ranked number 396th in VIC for increase in median house value (annualised) increase, it is ranked 339th over the last 5 years.
Vendor discounting in Red Cliffs is giving property investors an average Vendor Discount of around -6.10%. This puts suburb at number 308th in VIC when ranking the most discounted suburbs.
Property investors should expect to get $285 weekly from the median priced house in this suburb.
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House prices skyrocket
Median house price: $229,000
Three-year growth: 30.9%
Rental yield: 6.4%
Located at the northern end of the Mallee region, Red Cliffs is named, appropriately, for the crimson cliffs to the east of the suburb. It is also home to low-priced houses with a median value of just $229,000.
Aside from its affordability, Red Cliffs offers remarkable growth potential as well. Prices have risen consistently and strongly since the five years to July 2018, with the past 12 months alone recording a whopping 16.2% growth.
Red Cliffs obtains water from the Murray River via one of Australia’s largest irrigation pumping stations. The suburb is known for its production of grapes and citrus fruits, which are often sold dried. The restored Red Cliffs railway station is a hub of local crafts, and the suburb has many historical sites for tourists to visit, including the “Big Lizzie” machine and the Red Cliffs Museum and Heritage Room.