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Market entrants driving market growth

Real estate & property news
16 March 2024
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It was interesting to read the latest monthly property market data from Corelogic during the week which confirmed a lot of the anecdotal evidence we have been seeing ‘on the ground’ in the City of Hume in recent months.

Corelogic’s Housing Chart for March showed that the rate of growth in housing values across the country had increased in the three months to the end of February. The quarterly price growth was reported as 1.3 per cent, as opposed to the 1.0 per cent reported one month prior.

What was particularly interesting was the point that the most affordable 25 per cent of the market recorded price growth of 2.4 per cent over that three month period, whilst the middle 50 per cent of the market recorded growth of 1.7 per cent. This shows that in recent months the lower end of the market has been outperforming the top end, regaining some of the ground that it lost through the majority of 2023.

This strong demand in the more affordable end of the market is actually good news for all property owners in the City of Hume, as those people selling to first home buyers and younger families tend to be the buyers who are active in the next price bracket up, and so on through to the top end. So eventually, every seller benefits from a ‘flow-through’ effect.

We saw more signs of the strong demand for more affordable properties this week, including the sale of a contemporary tri-level terrace style home in Duranta Drive, Gowanbrae. Offering three bedrooms and two bathrooms, this eye-catching home attracted good interest from aspirational market entrants and young families, particularly once they discovered the outlook from the terrace (pictured). This strong early interest resulted in the SOLD sign going up a couple of weeks before the scheduled auction, with the contracts being inked at $730,000.

Of course, if you are interested in finding out how much more your own property could achieve in today’s positive market conditions, you can give the team at Barry Plant Gladstone Park a call this week on 9330 1088.

We’re always happy to provide you with an obligation-free update.

Best wishes,

Bill Karp - Director

Barry Plant Real Estate

Gladstone Park

Real estate & property news
16 March 2024
Save Article

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