The numbers tell the story.
There’s certainly been a lot of talk about rising property prices recently, hasn’t there? Several prominent property analysts have produced reports in recent weeks about what happened to the Melbourne real estate market during the last few months of 2020, with the quarterly rise estimated at somewhere between 5 per cent and 9 per cent, depending on whose statistics you follow.
As you may have seen on the back page of Saturday’s Herald-Sun (pictured), the growing confidence in the market has also been reflected in our group’s record-breaking results in recent months. But the question many local homeowners will be asking themselves right now 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. Equally important is the fact that property values are different in every suburb of Melbourne, and trend differently over time, so a Melbourne-wide figure only provides some insights.
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
Lalor houses $620,000 Up 5.1%
Lalor units $471,000 Up 10.2%
Thomastown houses $616,000 Up 4.4%
Thomastown units $460,500 Up 4.0%
As you can see from this small cross-section of categories, our local market has emerged from a year unlike any other in remarkably good shape, achieving solid 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 an extremely 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 this week at Barry Plant Thomastown on 9466 3233.
Best wishes,
Con Constantinou
Barry Plant Thomastown