Mickleham named state’s best suburb for short-term investment
From an article by Jack Boronovskis, realestate.com.au
Wednesday 18th March 2020
Unlikely contender Mickleham has emerged as the state’s best suburb for investment, according to new data.
The northern suburb topped a list of money-making hot spots across Victoria in CoreLogic data analysed by finder.com.au.
Taking into account rent earned over five years plus a forecasted final sale price in 2025, houses in Mickleham were projected to earn profits of $1,032,950 for vendors.
Recently created Melton area suburbs Weir Views and Fraser Rise houses each recorded expected profits of over $800,000 to round out the top three suburbs.
Williams Landing houses and Safety Beach units were both expected to earn profits above $500,000.
The study conditions included a 20 per cent deposit with five year repayments on a 30-year loan. It also assumed house price growth would follow current conditions.
Biggin & Scott North agent Preet Brar said Mickleham was an “up and coming” suburb.
“If you compare the closest development, Craigieburn, there’s a huge difference between the prices,” he said.
He added that the average time taken to lease a property was just two weeks, with renters clamouring for new listings.
Finder.com.au money expert Bessie Hassan said Mickleham was still a new destination for Melbourne-based homebuyers.
“Many of these Melbourne suburbs are well out into the ‘burbs, so people looking to invest should do their research and visit each area before making any decision about where to buy,” she said.
The best Melbourne suburbs for investment
Mickleham houses, median sale price: $513,500, yearly growth in sale price: 38 per cent, profit after selling in five years: $1,032,950
Weir Views houses, $460,000, 34 per cent, $826,548
Fraser Rise houses, $586,250, 26 per cent, $819,581
Williams Landing houses, $668,000, 17 per cent, $617,133
Safety Beach units, $690,000, 13 per cent, $522,518
Link to full article here