With the recent interest by investors to purchase value real estate in Melbourne, we thought we would pick 3 affordable suburbs in Melbourne by doing a quick suburb analysis (including suburbs in Geelong and Ballarat).
We have attached suburb insights covering median prices, vendor discount rates, days on market, rental yields and vacancy rates.
Here are some key insights:
Median prices for all 3 suburbs are in the range from $450k to $650k.
Days on market for properties in Newcomb (around Geelong) are lowest out of the 3 suburbs, at 66 days.
Properties are selling at premiums in Craigieburn and Newcomb, while properties in Redan (around Ballarat) appear to be selling at significant discounts.
Vacancy rates are tight (good for landlords) for all 3 suburbs and are under 2%.
Rental yields are around 4% for all 3 suburbs.
Properties have roughly doubled in all 3 suburbs over the last 10 years.
Key an eye on these key metrics to decide when to enter (and exit) these markets at the best times.
