5 June 2017

Suburb to watch: COBURG

Source: Your Investment Property

An entertainment-focused suburb, Coburg is a hotbed of cafes, restaurants and pubs.

It is just 8km north of the Melbourne CBD, which makes it ideal for professionals working in the city. The lively cultural scene attracts young residents to Coburg, which plays host to street and music festivals, hip dining establishments, venues for live music and studios. For outdoor recreation, Lake Reserve is a favourite picnic spot and provides access to the Merri Creek Trail.

Coburg houses four shopping arcades, bringing together over 200 shops, an indoor market and supermarkets. The renovated Victoria Street pedestrian mall is a well-known meeting place for locals. There are numerous schools in the area for both primary and secondary education.

Residents are served by train, tram and bus, which allows them to travel easily to Melbourne, Toorak and Preston, another popular destination for food and shopping. There are several bike lanes as well.

House Report:

At number 616th in the list of Australian suburbs ordered by increase in median house value over the last year, Coburg, 3058 is in the top 20% with a property value increase of 14.32% recorded in median house prices.

The five-year average increase in median property values for Coburg,3058 has given property investors a potential capital gain of 47.46% across each of those five years.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.91% offered to property buyers. Sellers in Coburg itself are offering an average vendor discount of -5.86% to real estate investors

 

Unit Report:

Property investors who have had real estate in Coburg, 3058 should be ok with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 0.86%

Across a shorter period, Coburg, 3058 has seen a median price increase of 0.32% over the last quarter.

LACK OF BUYER INTEREST may well be the reason that Coburg is offering property investors an average of -5.13. This rate of discount on properties puts Suburb at number 192th in terms of most discounted suburbs in VIC

Advertised rents are around the $360 mark per week – giving a return of 3.98% based on the median price in Suburb.

 

Call Nikita McDonald on 0423 875 106 for more information.