At number 4021th in the list of Australian suburbs ordered by increase in median house value over the last year, Derby, 6728 is in the BOTTOM 10% with a property value increase of -16.54% recorded in median house prices.
While Derby,6728 ranked number 3rd in WA for increase in median house value (annualised) increase, it is ranked 390th over the last 5 years.
Vendor discounting in Derby is giving property investors an average Vendor Discount of around -22.05%. This puts suburb at number in WA when ranking the most discounted suburbs.
On average over the past year, suburb has had 2.00 sales per month, which equates to 24 per year.
Using the current median advertised rental of $330 and the average annual increase in value of a median property of -4.31%, investors should hope to achieve an overall return of 13.78%
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While the bulk of Western Australia’s recent successes on the property front have been in the Pilbara region, Kimberley has been making a name for itself of late, and Derby is most certainly one to watch there.
What it’s got going for it, says Crawford Realty sales consultant Morgan Crawford, is a whole slew of government and resource related projects that are in the pipeline.
“There are quite a few government projects that have been proposed – a new prison for example. And if you have a look at RP Data you’ll notice that the rental market has tightened up hugely, and rental prices have jumped up 10-15% in the last six months,” he says.
Fuelling this rental growth is an extremely low vacancy rate. In fact, Derby’s vacancy rate has been at 0% for more than two years according to SQM Research figures.
As well as the construction of the $150m Derby Regional Prison, Derby’s property market is expected to benefit from the expansion of the Kimberley diamond and iron ore mines on Koolan and Cockatoo Islands, the proposed $550m Deep Water Port Facility at Point Torment, the proposed Browse Basin Gas Project and resource giant Inpex's $25bn Ichthys LNG venture.