In his wrap of the 2015 year in property, Real Estate Institute of Victoria CEO Enzo Raimondo said it was one of the best years on record. Growth is good, and investors will be very pleased with overall conditions. But what about specifically in our corner of the market?
Let’s take a look at the figures, and see just how real estate in Bentleigh shaped up this year.
As of November 2015, Residex figures show that the median house value in Bentleigh was $1.26million. That’s an incredible 21 per cent growth over a 12 month period, and means capital gains that any property investor would be thrilled with. According to the research company, that gets you a three-bedroom home with two bathrooms and space for parking two cars.
Unit growth isn’t as strong as it is for houses, but it’s still very healthy, at eight per cent. The median value of a unit or apartment now sits at $622,000. With 91 sales estimated to have taken place over the previous three months, it’s been a good spring. If 2016 carries on in this fashion, there could be some great returns for anyone looking at local real estate.
One of the tradeoffs of such sustained capital growth is diminishing rental yields, but these have remained fairly stable across real estate in Bentleigh. The Residex report indicates that yields are three per cent and four per cent for houses and units respectively.
It looks like capital gains are where the profits are at currently, which could be something to keep in mind if you’re shopping for local property in the new year. Before you get out there, make sure to get in touch with Matt Hurlston at Ray White Carnegie – he’s got the information and insight you need!