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Price growth numbers get people talking

There was plenty of interest this week in the latest quarterly market data from the REIV, with the figures confirming just how far off the mark so many financial experts were at this time last year when they were forecasting doom and gloom.

In case you missed it, the REIV reported that Melbourne’s median house price has now gone past $1million for the first time, with the average house in our city selling for $1,004,500 during the first three months of this year! Not only does this record-setting number reflect an 8.8 per cent increase since the December quarter of 2020, but it’s largest quarterly increase for houses in metropolitan Melbourne since the last quarter of 2009.

We would remind you that these figures relate specifically to stand alone houses. However, unit owners will be pleased to know that the median unit price in Melbourne also increased in the March quarter, growing by the slightly smaller margin of 4.8 per cent.

Numbers like these are providing extra incentive for buyers to secure their next home as soon as possible, rather than having to potentially pay even more in a few months’ time. This is resulting in some outstanding sales in our part of Melbourne, including:

Cranbourne East: Tinnadice Road. This four-year old Simonds-built four-bedroom home in the heart of the Livingston Estate produced $700,000 after strong interest from a number of local families.

Cranbourne West: Todd Court. A carefully structured campaign utilising our unique Sale by Set Date® methodology resulted in keen interest from a number of market entrants. So keen, in fact, that the SOLD sign went up two weeks before the official closing date for offers, with contracts inked at $525,000.

Frankston: Ebdale Street. Hassle-free apartment living within walking distance of the beach, trains and shops proved a popular option, with a two-bedroom flat obtaining $352,500.

Frankston: Havana Crescent. A renovation-ready three-bedroom home set moments from the newly renovated Karingal Hub Shopping Centre enjoyed a quick result, selling for $580,000.

Frankston: Misty Close. A family friendly double-storey home offering three bedrooms and a study found new owners after competitive mid-week negotiations produced $660,000.

Frankston: Tulum Court. A three-bedroom home located a stone’s throw from John Paul College didn’t even have time for the photographer to visit before a strong off-market offer of $720,000 saw the sold sign go up.

Frankston North: Juniper Court. This renovated mid-century home around the corner from Mahogany Rise Primary School drew interest from homeowners and builders before selling for $580,000.

Your property could be here too.

If you are currently weighing up whether the time is right to make your own move in the market, the team at Barry Plant Cranbourne are always happy to provide you with obligation-free advice and assistance. So why not give us a call this week on 5990 9400.

Cheers,

Barry Plant Real Estate

Cranbourne & Frankston