These results have been achieved in a market that is clearly rising, as we detailed in LAST WEEK'S REPORT, but the question many homeowners in the south-eastern suburbs will be asking themselves right now is what does that mean for my own property?
You see, it’s important to remember that these figures indicate a trend across the entire market, not your individual property. Equally important is the fact that property values are different in every suburb of Melbourne, and trend differently over time, so a Melbourne-wide figure only provides some insights.
With this in mind, we took a look at the latest data which was published on realestate.com.au this week showing year-on-year market movements in median prices for individual suburbs of Melbourne.
Here’s the figures on some of our local suburbs:
Suburb Median price Change
Botanic Ridge $725,000 Up 3.6%
Cranbourne $525,000 Up 5.0%
Cranbourne North $580,000 Up 3.6%
Cranbourne West $505,000 Up 5.2%
Junction Village $506,500 Up 4.8%
Lynbrook $640,000 Up 2.9%
Lyndhurst $698,100 Up 5.5%
As you can see from this small cross-section of suburbs, our local market has emerged from a year unlike any other in remarkably good shape, achieving solid growth in a year marked by an economic recession, a spike in unemployment and general uncertainty about the future.
If you’re curious to know what the figures look like for your specific area, you can input your own suburb on the REA website by FOLLOWING THIS LINK...
Of course, even price movements in individual suburbs won’t tell you what your own property is worth in the current market, particularly when you factor in the current situation where there are countless numbers of buyers active but an extremely limited supply of properties available for sale.
So, if you’d like an obligation-free update on what your property could achieve right now, or some advice on how to maximise your result in this seller-friendly market, don’t hesitate to give us a call this week at Barry Plant Cranbourne this week on 5990 9400.
Barry Plant Real Estate
Cranbourne & Frankston