For example, during 2023 a number of market analysts were reporting that homes in the upper quartile of home values were outperforming the rest of the market around Australia. As many market watchers will know, history shows that the upper quartile of the housing market tends to lead the cycles in the market, both in upturns and downturns.

Corelogic’s data indicates that the top end of the market was leading the upswing in the market through the first seven months of 2023 before that growth began to slow towards the end of the year.

So it was interesting to see that in Corelogic’s latest figures, the lower end of the market has been recording stronger growth that the upper quartile in every Australian capital city during the three months to the end of February 2024.

This trend comes as the overall rate of growth in homes values increased in the three months to the end of February. During this period, Corelogic recorded an increase in national property prices of 1.3 per cent, up from 1.0 per cent in the three months to the end of January. In comparison, the value of homes in the most affordable 25 per cent of the market rose by 2.4 per cent over that period, whilst the middle 50 per cent increased by 1.7 per cent.

This strong performance of the lower end of the market is certainly good news for property owners in our part of Melbourne, as ours is an area that enjoys a high degree of popularity with first home buyers.

However it is important to keep in mind that these numbers are an indication of broad trends rather than specific price movements. So if you are interested in finding out how much more your own property could be worth in the current market, why not give us a call this week at Barry Plant Thomastown on 9466 3233.

We’d be more than happy to provide you with an obligation-free update.

Regards,

Con Constantinou

Barry Plant Thomastown