11 Feb 2014 By: Greg Hocking 0 Comment
As auction numbers build, all eyes are turning to the spate of recent market analysis that suggests sunny conditions lie ahead. Moderate growth for Melbourne´s property market has been tipped by virtually all commentators with Rismark chief executive Ben Skilbeck predicting prices are unlikely to decline in the near future due to population growth, favourable borrowing conditions and positive consumer sentiment.
The Rismark data indicates median prices for Melbourne houses have pushed 2.6 per cent higher than the last market surge in 2010, with the median now sitting at $553,000. Prices climbed higher not only as a result of owner-occupier buying activity but also a pronounced increase in investor activity with investor borrowing growing by seven per cent in 2013.
At the upper end of the market, Melbourne is now home to 29 suburbs on the million dollar list where perennial favourites such as Albert Park, Middle Park, Brighton, Elwood and Toorak are joined by newcomers Caulfield and Malvern East. Bolstered by strong competition for quality property in these locations, each of these postcodes now boasts a seven-figure median house price.
Interest in prestige properties is set to rise further with the dip in the Australian dollar luring many ex-pats and overseas investors back to the local property market.
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