The median house price 10 years on...
It’s a wide-held belief that wealth in property is accrued over the long term as opposed to the volatile get-rich-quick (or bust) nature of crypto-currencies. Property, like other financial markets, took a hit when the Global Financial Crisis rocked the financial world in 2008. Since then, however, our local property markets have continued an upward trajectory and soared in value.
The housing markets in Whitehorse, Manningham and Nillumbik have been beneficiaries of Melburnian’s insatiable appetite for property, with median housing prices increasing by $750,000 in some suburbs within those municipalities.
Box Hill North in the City of Whitehorse, for example, has seen its median house price skyrocket from $600,000 in 2008 to $1.34 million in 2018, while Park Orchards ($790,000 in 2008, $1.53 million in 2018), Templestowe Lower ($590,000 in 2008, $1.29 million in 2018), Templestowe ($760,000 in 2008, $1.44 million in 2018), Bulleen ($630,000 in 2008, $1.29 million in 2018), Blackburn North ($500,000 in 2008, $1.15 million in 2018) and Nunawading ($470,000 in 2008, $1.06 million in 2018) also saw their median house prices rise significantly over the 10-year period.
Our sales this week included:
- 5/9-11 Bowen Road, Doncaster East – sold privately for a great price!
- 14 Amys Grove, Donvale – sold privately for $998,000
With the Easter break done and dusted and some clear air finally in sight, it’s a great time to capitalise on those excellent 10-year gains. Please call us to arrange your Autumn sale.