Look At Outer Suburbs For Real Estate In Melbourne
The success of real estate in Melbourne is evident for everyone to see.
The Australian Bureau of Statistics (ABS) ranked the city’s value growth as the second-highest in the country during the December quarter of 2015, up 9.6 per cent from a year earlier.
However, eagle-eyed investors will realise that the best opportunities might not lie within the CBD, but a little further into Melbourne’s suburbs. During the first three months of the year, outer Melbourne emerged as the best performing area, according to the Real Estate Institute of Victoria (REIV). The most growth was concentrated in suburbs to the north and west of the city.
“The only suburb within 10km of Melbourne within the top three suburbs was Malvern East, which delivered quarterly growth of around 13 per cent,” revealed REIV President Geoff White.
He suggested that people are looking for better value when they buy a home, which is something that areas beyond the CBD should be able to offer. The likes of Epping, Caroline Springs and Werribee have been earmarked as potential ones to watch over the coming months.
Real estate prices continue to grow
The REIV revealed that across Melbourne, the median house price registered at $713,000 for the second consecutive quarter. In the final three months of last year, the ABS revealed the mean price of residential dwellings to be $612,000, showing that Melbourne is outstripping the national trend.
This is why it’s so important to have a real estate agent on hand whenever you buy a house. They’ll be able to work within your budget and any other parameters you set to make sure you can secure a property that meets your needs.
If you’re not sure which parts of Melbourne are performing best at the moment, they’ll also be able to shed some light on that, too.