Creswick Property Factsheet 1st Half of 2018
The Creswick property market recorded a median house price of $330,000 and $125,000 for vacant land in Q4 2017, representing an annual price change of 11.9% and 25.0% respectively. Over the same period of time house prices in Hepburn Shire grew by 1.1% to $460,000 and vacant land prices grew by 25.0% to $200,000. Creswick property prices are well below the Hepburn Shire area, uniquely providing home owners and investors great opportunities of affordability and significant positive capital growth.
The Creswick property market is becoming increasingly competitive. Average vendor discounting for houses has tightened over the past 12 months to Q4 2017, currently sitting at -4.4%. This suggests that sellers are achieving closer to their first asking price, even though buyers might be biding time to settle on their ideal homes.
Creswick continues to experience strong house rental demand over the past twelve months to Q4 2017, as median rents improved by 7.0% for houses, currently at $305 per week, and low vacancy rates of 1.8%. Astute investors are benefiting from house rental yield of 4.1%, higher than Melbourne’s 2.7%. This confirms Creswick as a more affordable yet lucrative investment option away from the Melbourne CBD.
Creswick property market is set to benefit from spillover effects from new development projects commencing in the 1ST half of 2018. Total value of the projects is approximately $6.9M. The majority will be infrastructure development (79.6%) with an estimated $5.5M worth of projects. This is followed by residential developments, at approximately $900K (13.1%), followed by commercial project at $500K (or 7.3%).