Local market tipped to lead the way

There was more good news for local homeowners this week, with the City of Moonee Valley and surrounding suburbs featuring prominently among the hottest places to buy property in the coming year.

In case you missed the article in Saturday’s Herald-Sun (pictured), a number of property pundits were asked their opinions on which Melbourne suburbs would see the strongest activity from buyers in 2020, and were broken up into areas for first home buyers, families and luxury properties.

Local homeowners would have been pleased to note that ten of the suburbs identified in the article included:

  • Flemington, Kensington, Travancore and Maribyrnong for first home buyers;
  • Strathmore, Aberfeldie, Avondale Heights and Keilor for families; and
  • Essendon and Moonee Ponds for those at the top end of the market.

Articles like this can only add to the awareness of our local market among home buyers, which is positive news for anyone planning on selling in 2020.

Of course, this comes hot on the heels of the release of the Domain House Price Report for the December quarter of 2019, which indicated that Melbourne’s median house price has returned to almost exactly the same heights that we saw at the peak of the market at the end of 2017.

The Domain report showed that the median house price in Melbourne rose by 5% during the last quarter of 2019, reaching just under $902,000. This capped off a year where prices rose by 8.7% from the end of 2018, falling just short of the all-time Melbourne record of $908,734 which was set in the December quarter of 2017.

The important thing to remember if you are considering making a move this year is that the market has changed, just as local property values have changed. So, if you want to be sure that you are basing your decisions on up-to-date information, be sure to give our team of local experts at Barry Plant Moonee Valley a call on 9373 0000.

Cheers,

Bill Karp

Director – Barry Plant Real Estate

Essendon & Keilor East