Creswick Property Factsheet 1st Half of 2019
In Q4 2018, Creswick recorded a median house price of $390,000 and a median vacant land price of $70,000. This represents annual (Q4 2017 – Q4 2018) price growth of 18.2% and -44.0% respectively. It should be noted that just 3 land sales occurred in Q4 2018, which has caused a significant shift in median price. This is thus not viewed as an accurate portrayal of the current value of land in Creswick. Compared to the Creswick 2nd Half 2018 Property Factsheet, which showed annual (Q2 2017 – Q2 2018) growth of 4.6% (house) and -7.1% (land), houses in Creswick have strengthened in value, whilst land has become more affordable.
In Q4 2018, Creswick recorded a median house price of $390,000 and a median vacant land price of $70,000. This represents annual (Q4 2017 – Q4 2018) price growth of 18.2% and -44.0% respectively. It should be noted that just 3 land sales occurred in Q4 2018, which has caused a significant shift in median price. This is thus not viewed as an accurate portrayal of the current value of land in Creswick. Compared to the Creswick 2nd Half 2018 Property Factsheet, which showed annual (Q2 2017 – Q2 2018) growth of 4.6% (house) and -7.1% (land), houses in Creswick have strengthened in value, whilst land has become more affordable.
Houses in Creswick achieved a median rental price of $300 per week in Q4 2018. This represents a median price change of -1.6% annually (from Q4 2017 – Q4 2018). Average yields of 4.0% (house) and 5.8% (units) in Creswick provide a solid reason for investors to consider the area, especially when compared with Melbourne Metro’s yields of 2.9% (house) and 3.9% (units). A vacancy rate of 0.6% sit below Melbourne Metro’s 2.2%, emphasising the strength of the Creswick rental market.
The 1st half of 2019 is set to see projects worth a combined $10.8M commence around Creswick. Most projects are commercial at $7.3M (67.8%), whilst $2.3M (21.0%) is infrastructure and a further $1.2M (11.2%) is residential. A blend of mostly commercial, plus some infrastructure and residential projects is a sound balance for providing Creswick with increased employment opportunities, whilst catering for population growth and improving the lifestyles of residents.
