Manningham Apartment Growth and Ongoing Value
Just keeping an eye on how the apartments and houses are traveling in Manningham – follow the link below for the latest, and check your own suburb.
- Approved developments in DDO8 usually require a large number of units presold, before building can begin..
- Excerpt below from the attached data is hardly encouraging for apartment investors. http://www.yourinvestmentpropertymag.com.au/top-suburbs/
- One apartment/unit is sold every month after being 203 days on the market.
- By the time body corporate fees and council rates are deducted from gross rental of an apartment it is close to that achieved with a normal detached house.
- Investors always look to offset the low rental returns with capital gain and redevelopment options which is not possible with apartments.
- As of June there were around 15% of Pinnacle apartments up for resale.
- 41x/632 Doncaster Road Doncaster Vic 3108 ……………Sold for $639,500……. Originally sold for $688,720 30th March 2011 Sold Date: Tue 28-May-13 www.realestate.com.au/property-apartment-vic-doncaster-110518577? listed by Hudson Bond for $649,500
- Body corporate fees vary between $3,500 to $4,000 per annum, which could make the total yearly repayment on a mortgage loan of around $50,000.
HOUSE |
UNIT |
HOUSE |
UNIT |
|
|
June 2013 |
June 2013 |
Aug 2013 |
Aug 2013 |
Median price | $725,000 | $497,000 | $731,000 | $520,000 |
Quarterly growth | 0.69 % | 0.80 % | 1.53 % | 1.76 % |
12-month growth | -0.54 % | -3.49 % | 0.14 % | -1.70 % |
3-year growth | 8.20 % | 10.44 % | -1.95 % | 6.23 % |
5-year growth | 15.07 % | 19.75 % | 17.62 % | 13.18 % |
Average Annual Growth | -0.55 % | 3.50 % | 7.54 % | 4.51 % |
Weekly median advertised rent | $ 440 | $ 400 | $450 | $395 |
Number of sales | 17 | 1 | 179 | 123 |
Gross rental yield | 3.15 % | 4.18 % | 3.20 % | 3.95 % |
Days on market | 93 | 203 | 84.29 | 115.37 |
Source: RP Data 2013-08-30, 2013-06-09
Suburb Snapshot (Investment property magazine)
Doncaster East is a suburb in the Manningham Region of Victoria. Doncaster East has a population of 27,047 people and 19.99% of its occupants live in rental accommodation. The median listing price for houses is $679,000 and this has changed -0.15% over the past year and changed -4.90% over 2 years.
The median rent in Doncaster East for houses is $430 per week and the median rental yield is 3.29%. Stock on the market for houses/townhouses has changed -31.13% compared to last year and the average time to sell a house/townhouse is 101 days. The median listing price for units is $467,500 and this has changed -2.61% over the past year. The average unit takes 187 days to sell and the median rent for a unit in Doncaster East is $375 per week, producing a rental yield of 4.17%.