The Easter long weekend certainly seems an appropriate time to bring you up to date on the latest property market data…not only because Easter is a great time for local homeowners to put their feet up and think about their plans for the year, but also because the latest data has provided more positive news for anyone planning on selling in 2024.

One of the most positive signs of the underlying resilience of the Australian property market is the fact that despite the Reserve Bank maintaining higher interest rates to slow inflation, and the resultant concerns about the rising cost of living, our median property prices have continued to ‘hop’ quite energetically.

The latest Corelogic Home Value Index indicates that property prices rose by an average of 8.9 per cent nationally over the past twelve months to the end of February, reaching an all-time high in the process.

Whilst the overall trend is interesting, it gets even more intriguing when you drill down on these numbers to see what has been happening on a suburb-by-suburb basis. Corelogic’s latest report says that of the 4,625 different geographic markets analysed, 4,087 of them (88.4 per cent) saw values increasing over the year.

The numbers are even more positive here in Melbourne, where 90.3 per cent of our suburbs recorded an annual rise.

If you own a rental property, 99.1 per cent of Melbourne’s metropolitan suburbs recorded a rise in rents over the year. Of course, these numbers won’t surprise all those renters who have been struggling to cope with our tight rental market, as I pointed out in LAST WEEK'S POST!

If these latest figures have got you curious about what your own property could achieve in the current market, or you need some advice on the best ways to maximise your result this Autumn, don’t hesitate to give our team at Barry Plant Thomastown a call this week on 9466 3233.

In the meantime, enjoy your long weekend.

Cheers,

Con Constantinou

Barry Plant Thomastown