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What price rises mean at a local level.

There’s been a lot of talk recently about rising property prices hasn’t there, with several key property analysts producing reports in recent weeks about what happened to the Melbourne real estate market during the last few months of 2020.

As you may have seen on the back page of Saturday’s Herald-Sun (pictured), the confidence in the market was reflected in our group’s record-breaking results last month.

Whilst those numbers have certainly gained a great deal of interest, along with the quarterly median house price rising by somewhere between 5 per cent and 9 per cent, depending on whose statistics you follow, the question many local homeowners might be asking 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. Just as important is the fact that property values are different in every suburb of Melbourne, and trend differently over time.

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

Attwood $769,500 Up 1.5%

Gladstone Park $640,000 Steady

Greenvale $726,000 Up 0.1%

Tullamarine $645,000 Up 5.5%

As you can see from this small cross-section of figures, our local market has emerged from a year unlike any other in remarkably good shape, achieving steady prices or 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 a very 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 at Barry Plant Gladstone Park this week on 9330 1088.

Regards,

Nick Pugliese – Director

Barry Plant Real Estate

Gladstone Park