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Burnside, VIC 3023

Home » VIC Real Estate Data » Melton City, VIC » Burnside, VIC 3023

If you’re looking to buy, rent, or invest in property, it’s important to do your research on the suburb first. This includes looking at house prices, real estate rental market data, and other advanced metrics. Here, we’ve compiled that information for Burnside, VIC 3023 located in Melbourne to help you make an informed decision about your property choice in this suburb.





Market Snapshot

This page provides an overview of the area’s real estate market. The data in this snapshot illustrates typical price, median rent and gross yield metrics for this suburb. You are able to visualise these 3 key metrics as well as other important indicators in the dashboard section that follows.

Buy 

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Rent 

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Yield 

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Buy 

1BR

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Rent 

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Lower Risk RCS™

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Capital Growth RCS™

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Cashflow RCS™

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Essentials
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Yield chart
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GRC chart
Fundamentals
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IRSAD chart
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Renters to owners pie chart
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unit to houses pie charts
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Demand chart
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Inventory chart
Supply

Stock on Market

Inventory

Hold Period

Building Approvals

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SOM chart
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Inventory chart
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Inventory chart
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Hold chart
Demand

Days on Market

Vacancy Rate

Clearance Rate

Search Index

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DOM chart
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Inventory chart
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Index chart
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Auction chart

How was this calculated? Typical Price is a continuous metric calculated via a process called data fitting. Median Rent is weekly advertised rent based on rentals over the preceding 12 months. Gross Yield is Median Rent x 52 x 100 / Typical Price. To discover additional information, click the “i” icon in the top left corner of each graph or visit the Data Dictionary page.

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0 thoughts on “Burnside, VIC 3023”

  1. The total adult population (15 years or older) of Burnside 3023 VIC is 4,594, with a median age of 37. Of those, 53.53% are married, 8.82% are divorced or separated, 31.15% are single and 6.68% are widowed.

    The average household size is 3.1 people per dwelling, and the median household monthly income is estimated to be $8,216. The median monthly mortgage repayment for households in this suburb is $2,000 which is 24.34% of their earnings.

    Source: ABS Census Data (2021)

  2. Burnside, postcode 3023, is an established suburb located in Victoria. Home to approximately 2319 households, this suburb presents an interesting opportunity for savvy property investors. The typical price for a house in Burnside as of the third quarter of 2023 stands at $796,634, with the current median weekly rent sitting around $460. From these averages, an indicative yield of 3.0% is calculated.

    Assessing the collective wealth and lifestyle of Burnside residents, it’s notable that the suburb clocks an IRSAD score of 982 out of 1217, indicating a higher socio-economic status. This results from a potentially steady income profile and access to stable economic resources. Moreover, the renter-to-owner ratio stands at an impressive 10%, implying that the vast majority of dwellings are owned rather than rented. This could make for a more stable and family-oriented community, leading to longer tenures.

    On the matter of property types, Burnside exhibits a units to houses ratio of zero. This indicates that the suburb is predominantly composed of houses, attracting families in search of longer tenancy periods and possibly boosting demand for similar properties.

    A slightly challenging aspect of the Burnside property market is its affordability index. A figure of 38 years suggests that home ownership may require a lengthier time commitment as compared to other suburbs, indicating decreased affordability.

    Reviewing measures of supply, Burnside’s stock on the market percentage for houses stands at a fair 0.48%, while the inventory level clocks in at a moderate 2.73 months. These statistics reflect a balanced market where supply and demand are almost on par. The building approvals ratio is rather high at 5.12%, hinting at the potential of future supply that could affect market dynamics.

    As for demand, houses in Burnside take an average of 23 days to sell – a number that points to healthy property demand in the area. A vacancy rate of 1.74% further corroborates this, indicating that available rental properties are relatively scarce and demand levels are high. However, the buy search index of 3 suggests a neutral level of demand within the area.

    In summary, while Burnside shows promising prospects, potential investors are advised to stay updated with trends and keep a close eye on a wealth of factors. Though certain metrics such as the building approvals ratio and affordability index may present some concerns, a focused investor may find a balanced market in line with their investment strategy. To simplify this analysis, consider using tools such as HtAG Analytics’ RCS metric, which uses an array of over 80 metrics to encapsulate suburb performance into a single comprehensive figure.

    It’s important to note that the above analysis provides a snapshot of current value metrics but doesn’t consider metric trends, which can also significantly influence investment decisions. Moreover, some metrics have greater importance than others based on various factors, a nuance that must be understood for a holistic analysis.

    Join HtAG Analytics to visualise these metrics trends, and gain a deeper understanding of their importance. By becoming part of HtAG Analytics, you will be empowered to make informed decisions, discerning which metrics are more significant in the context of your property investment strategy.

    This content serves to inform and does not constitute investment advice. Property investment involves risks and uncertainties, and professional advice should be sought before making any investment decisions. By leveraging expert guidance, potential investors can ensure a comprehensive understanding of the complex property investment landscape.

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