Giving property investors a a stable capital gain of 7.69% for the last year, Cape Burney, 6532 is the 1269th highest performer in Australia in this respect.
A -21.79% growth in median value for property investors in Cape Burney,6532 puts this suburb at number 152th in terms of best performing suburbs in WA
State is the most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -9.00% offered to property buyers. Sellers in Cape Burney itself are offering an average vendor discount of -6.01% to real estate investors.
A $320 per week rent on the median house gives suburb investors a gross yield of circa 5.94%, without taking into account capital value appreciation, which has been averaging out at -1.17%.
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Cape Burney is a coastal town just a few kilometres from Geraldton, in a southerly direction from the port.
In mid 2006 Cape Burney saw something of a capital growth spike, with the median rising by $129,899 to reach $449,083 in the 21 months between June 2006 and March 2008, according to Residex figures. This upward trend continues until the end of the year, and Cape Burney caps off its growth spurt with a December 2008 median of $497,508.
From this point onwards however, Cape shows negative growth in five out of six quarters before a September quarter upturn leaves its median at $459,890.
First National Geraldton principal Andrew Short believes that Cape Burney is dominated by owner-occupiers, rather than investors.
“Cape Burney is probably the same distance south of the CBD as Drummond is to the north, but it’s mainly owner-occupier properties there. Pricing is more in the range for the average family, and it’s a good environment out there for average family lifestyle. It’s got a reasonably quick road access to the industrial area, so that’s attractive to people who work in that area,” he says.