Flemington is an average performer in VIC when comparing median price capital growth over the last year. Flemington gave property investors a average capital gain figure when compared to the rest of the state, with 21.83%.
When looking at the potential capital gains offered to property investors over the last 3 years, Flemington comes in at number 31th in VIC.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -1.95% offered to property buyers. Sellers in Flemington itself are offering an average vendor discount of -4.34% to real estate investors.
On average over the past year, suburb has had 6.92 sales per month, which equates to 83 per year.
If you compare the increase in value of investment property in Flemington, 3031 to the rest of Australia, it performed very well. The median increase in value, or capital gain property investors experienced for this VIC suburb was 39.29%.
When looking at the potential capital gains offered to property investors over the last 3 years, Flemington comes in at number 320th in VIC.
Our latest figures would indicate that property sellers in Flemington are currently offering property investors an average price cut of 0.00% below the asking price at the moment.
Often selling an investment property can take time, and in Flemington the average time real estate has been on the market is 24.3 days.
Using the current median advertised rental of $0 and the average annual increase in value of a median property of 6.54%, investors should hope to achieve an overall return of 0.00%
Information supplied by:
WBP’s Sean Thomson suggests that it’s becoming hard to buy well in Flemington’s house market, as prices have gone up so substantially in recent times. “It’s become a very popular area. If you can get into the area, I’d be concentrating on the apartment market,” he says.
Units have been more than holding their own compared to houses, and their median price offers an entry point that's realistic on an investor budget.
“I would be concentrating on either one- or two-bedroom apartments,” says Thomson. “As an investor I’d stay away from three-bedrooms. With the investor market, if you buy a one- or two-bedroom apartment, in a 10 to 15-year time period you’re going to have better growth and more opportunity with buyers in the long-term. The three-bedroom market is mainly homebuyers rather than homebuyers and investors.”
He adds that Flemington, like a lot of Melbourne’s popular inner-ring suburbs, offers the kind of lifestyle and amenities that the city’s urban go-getters look for.
“The village lifestyle is becoming very important, where people eat out for breakfast lunch and dinner. So if you’re close to 24-7 wining and dining, but also parks and public transport then your property’s going to become more and more popular as time goes on.”
And with half of Flemington’s population being renters, according to ABS data, it appears that the local demographics support Thomson’s thinking.