There’s been a lot of fuss about the strength of the Sydney property market, with Melbourne coming in a poor second in the real estate race.
But of course there is not one Melbourne property market and according to the latest Domain house price report some of Melbourne’s eastern suburbs have had stellar results with 25%+ capital growth over the last 6 months as you can see from the graphic below.
Domain Group senior economist Andrew Wilson said activity in the Melbourne market had been largely driven by aspirational buyers to the east of the city; not only in the inner east, but also in the north and south-east.
“The ugly ducklings now have the look of swans as prices rise in the south-east,”
“Prices growth is coming up from the bottom and that activates changeover buyers who have more money because they’re able to sell their outer eastern property [for a good price] and move closer in.”
Domain Group’s House Price Report released last week shows Melbourne’s median house price grew 2.2 over the March quarter to a new record of $638,445, while the median unit price slid 0.3 per cent over the quarter to $434,436.
However as you can see form the graphic above, there were many properties that outperformed this average, while others underperformed – that’s how you get an average.
What are you going to do about this?
If you want to take advantage of the opportunities our growing property markets will offer you now is a good time to consider your options.
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