Thinking about buying in Modella? Now could not be a better time, with just 85 residential dwellings it's a highly sought after location.
The average property price for this area is $1,395,000 with prices in this suburb ranging from $729,000 to $2,238,000.
Distance to the coast is 17 Km.
|Median Weekly Rent||$210.00|
|Median Monthly Mortgage||$1733.00|
|Median Persons Per Bedroom||0.80|
|Average Household Size||3.00|
|Average Cars Per Dwelling||2.63|
|Average Properties Within 50M||1|
|3 Bed $1,430,000|
|4 Bed $1,495,000|
|5 Bed $1,016,000|
Prices are above market average and increase steadily under persistent demand. A more sustainable rate of price growth is anticipated in the short to medium term. In this area of average incomes, there is a mix of housing size and quality. While this may present buying opportunities, growth may be constrained. As buyers begin to examine Modella due to other areas being out of the price range and the trend to working from home, "gentrification" may incease price growth. A mix of professions and above average income earners in Modella provides good demand. The lower than average housing turnover of these people also means fewer regular listings leading to periodic large price increases. Medium density in Modella necessitates a mix of lifestyle options for housing, shops, open areas, and facilties. Where this is available, demand is high and growth ensured. Lower than average industry presence in Modella we believe will be less of a negative impact than it has in the past. Post-COVID and the growth in working from home has lessened the demand for local employment options. This may make Modella a better buying opportunity than it may have been in the past.
|300 PARISH RD, MODELLA, VIC, 3816||3||2||$1,100,000 - $1,200,000|
Ripplebrook Primary School(While the above schools are located with the suburb of Modella there may also be nearby schools whose catchments cover this suburb)
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source: Australian Government Bureau of Meteorology
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