Melbourne is back in the list!
Enthusiastic home buyers have caused surges in house prices, thus helping the city regain a spot in the best property market list in years.
“Everything is aligned for sellers, who are benefiting from strong buyer confidence and record low interest rates,” Geoff White, Real Estate Institute of Victoria (REIV) CEO, said via 9NEWS.
White said there were three benefits reaped by sellers from the spring property market boom: “solid price growth, high clearance rates, and strong buyer demand.”
REIV has released a report regarding the latest property prices for all Melbourne suburbs. Inside the report, the median prices had a 3.2 increase in the September quarter.
“The median price increase is taking place in tandem with a Spring clearance rate of close to 80 per cent, the highest in seven years,” White said in the report.
Meanwhile, results also show that inner and middle suburbs were Melbourne’s largest growth areas, which increased to 4.2 and 3.5 percent, respectively, then moderate growth of 1.1 percent for the city’s outer suburbs.
“The top growth suburbs this quarter were widespread across the city – from Seaford in the outer south east to Williamstown and Werribee in the west,” according to the REIV report.
Langwarrin was the city’s suburb with the highest price increase with a 20 percent surge, which resulted in median house prices skyrocketing to $561,000.
Behind Langwarrin is Williamstown with an 18.7 percent increase resulting in house prices at $1.3 million, then followed by Seaford with a 17.2 percent increase resulting in price houses priced an average $605,000.
White said that the outer suburbs still “continue to appeal” home buyers and investors seeking value and space.
“The market shows no signs of slowing down. The September quarter was stronger than expected and the market is only expected to improve with more than 4,000 auctions forecast for October.”
With the market price boom on houses, residential real estate brokers will have more motivation and determination to recommend and sell houses to enthusiastic home buyers looking for a place to stay permanently or for vacation in Melbourne city. Therefore, there are more options that can be provided to home buyers and vacationers.
