Over the last year, property investments in South Morang, 3752 have given investors a capital gain of -5.43%. This compares averagely with the -1.79% for VIC as a whole.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in South Morang has increased when compared to the 5 year average annual rate.
The most recent median price for South Morang is $610000, with sellers offering an average of -4.75% off the asking price.
Often selling an investment property can take time, and in South Morang the average time real estate has been on the market is 49.9339 days.
A $400 per week rent on the median house gives suburb investors a gross yield of circa 3.41%, without taking into account capital value appreciation, which has been averaging out at 5.96%.
With a capital gain of -5.45% for the last 12 months, South Morang, 3752 has performed for property investments than its average annual 2.50% property growth over the last 5 years.
A 14.71% growth in median value for property investors in South Morang,3752 puts this suburb at number 275th in terms of best performing suburbs in VIC
Our latest figures would indicate that property sellers in South Morang are currently offering property investors an average price cut of -2.82% below the asking price at the moment.
In the last year 35 properties changed hands in South Morang, which puts it as the 174th most active market in VIC when comparing the number of sales per suburb.
Using the current median advertised rental of $360 and the average annual increase in value of a median property of 2.50%, investors should hope to achieve an overall return of 4.80%
Information supplied by:
Stockdale & Leggo
03 9407 9100
0422 577 353
A $350 per week rent on the median house gives suburb investors a gross yield of circa 4.49%, without taking into account capital value appreciation, which has been averaging out at 4.42%.
Selling points: Properties close proximity to Westfield Shopping Centre, South Morang train station, and within easy access to Plenty Road
Most sought after properties: 3-4 bedroom homes up to $450,000 in value. This is the most popular price bracket for 1st home buyers. As a buyer you can also buy a property under 9 years old in most cases in this price bracket.
Most common properties: 3-4 bedroom homes of about 25 sq on an average block size of 450 sqm. Most of these homes are under 10 years old that attracts lots of young home buyers. Most common buyer group is between the ages of 25-35 years based on our experience
South Morang train station
Westfield Plenty Valley
There are number of retirement villages.
Local industry and business:
Whittlesea Council also located in South Morang
There are number of shopping centres in and around South Morang- Westfield Plenty Valley (bordering Mill Park),
Numbers of medical centres are available in the area and there is a newly opened Super Clinique closer to South Morang Train Station.
We can identify a trend that shows buyers who sell older homes in Mill Park area are actively moving into South Morang area to upgrade their lifestyle. This means South Morang is a popular suburb for 2nd home buyers as well.
This buyer activity should push up the home values in South Morang area over the coming years.
South Morang train station