31st May 2014
PROPERTY IS A SOLID INVESTMENT Those who have been in the property market for some time invariably have stories of the one that got away – that first home, sold years ago, now worth close to $1 million; or that bargain investment unit in a rundown area, now gentrified and expensive. The REIV has been compiling median house prices for Melbourne suburbs for more than 20 years, making data-based comparisons possible. And while prices in some areas may have gone up significantly, there are also many areas that still have room for growth. Latest figures show that over the past year Melbourne has experienced an 11 per cent gain for median house prices and almost 7 per cent for units.
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By comparing prices over the past five years, a likely holding time for many investors and home owners, it’s clear just what an excellent investment property can be. Melbourne’s $643,000 median house price for the December quarter was up 58.6 per cent on the median for that quarter in 2008. And the city’s median unit and apartment price for the same period was up 38.9 per cent on five years ago. While the increases were less dramatic in regional Victoria there, too, property has shown a substantial increase over the past five years. The December median house price of $320,500 was up 25.2 per cent on the same quarter in 2008. The apartment median of $237,500 was up 15.9 per cent. Melbourne’s bayside and eastern suburbs – areas such as Balwyn North, Surrey Hills and Saint Kilda East – have shown the most growth over the past year, but also on the list are popular and well-located suburbs such as Fitzroy North, Blackburn, Ringwood and Newport. If you are house-hunting in coming months, remember to do your research with much of this data (including our own suburb-by-suburb information) provided online. And if you find a location you like, it’s worth broadening your search to surrounding suburbs, which are often more affordable and provide a viable alternative. Armed with the right information, you can more easily find the property to best meet your needs. And, one day, it may end up on the $1million list, alongside some of today’s top houses and suburbs. Information courtesy of the REIV Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938
As a service to our vendors, we will require names & phone numbers on entry of all inspections. Privacy Act 2000: We use personal information collected from you during open for inspections for security purposes. We may also use that information to contact you with respect to this property and others we believe may be of interest to you. Also, we may contact you in relation to other services provided by us or our associates such as insurance, mortgages and loans. By providing your information to us you agree to our use of it as described above unless you advise us differently. If the information is not provided we may not be able to provide an effective and comprehensive service to you. (Your personal information will be collected and held in accordance with provisions of the Information Privacy Act 2000). We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations. We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected. We make every effort to contact all interested parties prior to a property being sold.
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