Continuing our recently started series of analysing suburbs across different states /cities in Australia, today we are going to be focusing on Melbourne, based on x6 suburbs identified by Domain, where people can buy houses under $700k within close proximity to the CBD - https://www.domain.com.au/news/heres-where-you-can-buy-in-melbourne-for-under-700000-within-15km-from-the-cbd-1358108/
We are going to provide key suburb insights (median price, rental yield, vacancy rate, and vendor discount rate) which are visualised in PropertyDirector's trend charts and tables below, along with short comments per suburb.
Which of these would you invest in, and why? All areas are currently selling well above list prices, meaning these areas are already hot.
Broadmeadows, VIC 3047
* Median price - $630,000
* Rental yield - 4.63%
* Vacancy rate - 1.38%
* Vendor discount rate - houses selling 9.5% above listed sale prices
* Comments - affordable prices, solid rental yields, tight rental market, ~15km from Melbourne CBD. Suburb appears to have a lot of future potential and appears to be improving its reputation.
St Albans, VIC 3021
* Median price - $635,000
* Rental yield - 3.7%
* Vacancy rate - 0.59%
* Vendor discount rate - houses selling 7.9% above listed sale prices
* Comments - super low rental vacancies, affordable prices, ~17km from Melbourne CBD, good facilities and amenities.
Dallas, VIC 3047
* Median price - $519,000
* Rental yield - 4.63%
* Vacancy rate - 1.37%
* Vendor discount rate - houses selling at 7.9% below listed sale prices
* Comments - very affordable prices, solid rental yields, low vacancy rates, ~17km from Melbourne CBD, good multicultural suburb with good potential.
Deer Park, VIC 3023
* Median price - $670,000
* Rental yield - 3.89%
* Vacancy rate - 1.27%
* Vendor discount rate - houses selling 10.4% above listed sale prices
* Comments - ~17km from Melbourne CBD, diverse family-friendly suburb with good facilities and public transport.
Sunshine West, VIC 3020
* Median price - $688,000
* Rental yield - 3.64%
* Vacancy rate - 1.26%
* Vendor discount rate - houses selling 9.2% above listed sale prices
* Comments - fairly affordable prices, tight rental vacancies, good value so close to city, ~13km from Melbourne CBD.
Westmeadows, VIC 3049
* Median price - $700,000
* Rental yield - 4.55%
* Vacancy rate - 1.33%
* Vendor discount rate - houses selling 14.8% above listed sale prices
* Comments - houses selling significantly higher than list prices, solid rental yields, ~16km from Melbourne CBD, good community feel, area has improved over time.
