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The price of waiting to buy

18 February 2017
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There’s been plenty of talk over the past year or so about the rate at which median property prices are rising across Melbourne. However, how many people have actually sat down to work out what those rising values have meant to hem on a personal level? For some home owners, this news has certainly been positive knowing that the asset you live in is increasing in value, and therefore increasing the equity that you own. Alternatively, if you are a buyer who has been trying to get your foot into the property ownership market, the chances are that rising prices have remained a frustrating, but more general concept. However, some figures that were published in the Realestate lift-out of today’s Herald-Sun put these price movements in context, and it certainly made interesting reading. The double page feature on pages 24 and 25 of the lift-out compared the rate of growth of prices from many of Melbourne’s suburbs from October 2015 to October last year, and quantified as how much prices had risen PER DAY over that 12-month period. For example, if you were trying to buy in Epping, where the median price in October 2016 was $450,000, the rise in prices of 12.5% meant that the median house price was rising by $136.99 per day. That means that for every week you waited, the price of the house you wanted to buy rose by more than $950! Now obviously, these are statistics based on general price movements within the suburb, rather than individual properties, but they do make interesting reading all the same! For what they’re worth, here’s an outline of the price movements for a few of our local suburbs: Suburb             Median price (Oct 16)    Annual growth               Rise per day Epping              $450,000                       12.5%                           $136.99 Greenvale         $565,000                       10.7%                           $149.32 Lalor                 $472,500                       11.2%                           $130.14 Mill Park           $537,000                       16.7%                           $210.00 Thomastown     $468,100                        7.6%                             $90.68 Wollert              $455,000                         9.6%                           $109.59 Remember, if you need any assistance in securing a property as soon as possible, and ending the daily cost of waiting for the next opportunity, you can call us any time. Regards, Con Constantinou & Frank Romeo Barry Plant Epping & Thomastown
18 February 2017
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