Investment property in Midland has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 7.14%
Over the longer term, Midland has seen property prices show investors a -11.76% return over the last 3 years. This is an improvement over the last 12 months
Property investors looking for a bargain in Midland should be aiming for at least -8.09% off the asking price, which is the average vendor discount being achieved at the moment.
Residents and property investors in Midland have been waiting around 109.647 days to sell a property.
Midland is 85th on a list of best yielding suburbs for rents in WA with a 5.37% return
Midland is an average performer in WA when comparing median price capital growth over the last year. Midland gave property investors a average capital gain figure when compared to the rest of the state, with -0.43%.
While Midland,6056 ranked number 79th in WA for increase in median house value (annualised) increase, it is ranked 107th over the last 5 years.
LACK OF BUYER INTEREST may well be the reason that Midland is offering property investors an average of -5.47. This rate of discount on properties puts Suburb at number 13th in terms of most discounted suburbs in WA
At number 1093 in a list of fastest selling suburbs, Midland is in the bottom 30% of suburbs in Australia with an average of days on market 84.3636 for properties listed there.
A $290 per week rent on the median house gives suburb investors a gross yield of circa 6.59%, without taking into account capital value appreciation, which has been averaging out at -3.91%.
Information supplied by:
Dom Italiano
Magnet Realty
M
08 9295 3474
O
0413 477 631
W
www.professionalsmagnetrealty.com.au
E
[email protected]
Selling points: Midland is undergoing an exciting urban renewal program managed by the Metropolitan Redevelopment Authority, which is revitalising the historic area. A sum of $1.2 billion will be injected into the local economy over the next 20 years, creating around 7,500 jobs. Some of the major facilities that will be established in Midland include: police complex, GP super clinic and a new hospital. The Midland shopping area is one of the premier shopping areas in Perth, having a complete spectrum of retailers and bulk goods retailers. Housing varies from the million dollar properties with river views to first home buyers further east, with units and villas closer to the centre of town.
Most sought after properties: In the current economic conditions, two-bedroom units and three-bedroom houses that appeal to the first home buyers are selling well.
Most common properties: Fully detached homes are predominate, however group housing of between six and 20 strata units are becoming more important.
Top amenities: Midland has the complete set of amenities, from large shopping centres to corner stores, public and private schools, with the prestigious Guildford Grammar School only minutes away. All the amenities are on either a bus route or the train line. Located on the doorstep of the Swan Valley wine region and the Darling Scarp, there is a huge array of entertainment, dining and recreational facilities available. It is also only 30 minutes to the airport
Local industry and business: Residents commute to Perth or are employed in mining and fly in fly out; plus there are the state government administrative offices such as Landgate and the police complex. The Swan Districts Hospital is a major employer, as are retailing, hospitality and heavy and light industrial enterprises headed by the Midland Brickworks.
Recent changes: Major changes the CBD mainly driven by the Metropolitan Redevelopment Authority. The State Government Railway Workshop area has been rejuvenated into a land mark heritage area. Midland is at the junction of three of the states major freeways that have been recently upgraded to handle the ever increasing traffic.
Best streets: First home buyers should look at the area south of Morrison Road, because it is affordable and close to all amenities, including public transport. Buyers in the $600,000 to $900,000 range should look at the revitalised Woodbridge area, being close to public transport (trains and buses) and boasting some magnificent new homes that will add value to the area. There are limited opportunities for lots with Swan River views in the Viveash area. Scarcity and river views underpin the value.
Public transport: Excellent, buses and trains are within walking distance for most residents.
Main arteries: Midland is at the junction of the state's three major freeways, which provide excellent access to all areas. For example, it’s 15 minutes to the airport, 30 minutes to Perth CBD, 15 minutes to the Swan Valley, 15 minutes to Eastern Hills and 40 minutes to the nearest beaches.