More strong signs in the inner-north
Following hot on the heels of last week's market update which confirmed that there are lots of different statistics telling different stories about Melbourne’s property market over the past year or so, we have seen additional signs this week that the property market, particularly in Melbourne’s inner-north, has kicked off the new year on a very positive note.
On a general note, it was interesting to see the latest Domain House Price Report which was released this week. As reported in ‘The Age’ on Saturday, it is clear that there are very big differences in the performance of the Melbourne market, depending on what price bracket your property falls into, where it is located, and what type of property you own. Indeed, in the December quarter alone, there were some suburbs that saw increases in median prices of more than 10%, while other suburbs saw decreases of a similar magnitude. Regular readers will know that we always advise a level of scepticism where quarterly price movements are concerned, particularly at a suburb-by-suburb level, however these numbers certainly give an indication of how much variation there can within the current market.
On a local level, we are continuing to experience strong levels of buyer enquiry, even allowing for a slight drop this weekend with many buyers being away for the long weekend. One example of the strength of the current market was reflected in this week’s sale of a classic cream brick home in Avondale Road, Preston (pictured). A nostalgic example of late Art Deco architecture, this charming 3-bedroom home offered exciting options for future renovation, extension or even potential redevelopment. Whilst this home was passed in at auction just prior to Christmas, the step-up in the market this month saw very strong numbers inspecting it, with the resultant sale being completed in a short time frame.
Looking ahead, we are seeing signs that the market will step up a further gear once the long weekend is completed and the kids go back to school. So, if you are contemplating making a move and would like some certainty around exactly what your property in the inner-north could achieve in the current market, feel free to give our team at Barry Plant Preston a call.
That aside, we hope you have a safe and relaxing long weekend.