Essendon is within 8km of the Melbourne CBD. The suburb is going through a demographic shift as young families opt for a lifestyle outside of the busy and congested CBD. The house price to apartment ratio is attractive and new apartments with high end inner-city type amenity are heavily sought after.
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Our key measures explained by Dr Andrew Wilson -
Chief Economist at Wealthi.
Annual growth is a measure of the price growth in median prices for the asset type we are recommending. For example, if we're recommending a house investment, we will use median house price growth adjusted for any anomolies in the data.
Yield represents the total median rental income divided by the median asset price over the period. Our preference is to work with data across a large sample, to reduce any issues with one-off transactions which could skew the data.
Population growth is a great long term source for measuring long term demand. This isn't an instant measure, there are often lags with government population growth measurements. So we're really looking at the long term here and trying to find areas where population growth is greater then recent price growth.
We look for apartments in areas where the price gap with houses is large. This is a long term strategy where we believe, apartments will rise in value and close the gap relative to houses. Areas where the house price to apartment ratio exceeds 150% are generally attractive for apartment investors.