*Property is an 'Excellent 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 run-down 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.
Our 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.
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.
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
Heading into 2014,
the top five most affordable areas, based on their median house prices, are:
Melton West, Cranbourne, Wyndham Vale, Carrum Downs and Cranbourne West; and
for units: Sunshine, Frankston, Seaford, Dandenong and Noble Park.
If you are house-hunting in coming months, remember to do your research
with much of this data (including 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 $million list, alongside some of
today’s top house and suburbs.
*Article by: REIV February 2014