Positive signs for local home owners
There’s been a lot of talk, particularly in various parts of the media, over the past year about property values in Melbourne and how they are performing.
As regular readers will know, I am always cautious about quoting property value statistics, particularly when they get down to the level of shorter time segments and individual suburbs. However, I thought I would share the latest market data with you as it may be of assistance, particularly if you are using the break to set some plans in place for the year ahead.
Firstly, PropTrack has released some figures on various price movements during the course of 2024, and the most interesting trend from my point of view was that the majority of suburbs in the Top 10 for growth rates in value had median values under $800,000. This confirms the perception among several astute property market observers that the lower end of the market was experiencing a stronger level of buyer demand than those at the top of the market.
Anne Flaherty, an economist at PropTrack, has been quoted as saying, “Over the past 12 months we have seen properties valued at less than $1 million increasing in value by an average of 1.9 per cent. Over the same period, properties worth above $3 million have fallen by 78.6 per cent.”
In fact, this trend may have been emerging earlier than that, as I noted in A POST BACK IN MARCH 2024.
Reinforcing these statistics, it was interesting to see that the latest quarterly price data from REA indicates that houses in Thomastown recorded an increase in value of 1.2 per cent in 2024, after a rise of 0.4 per cent in the final quarter of the year. Similarly, houses in Lalor recorded growth of 0.6 per cent in the last quarter, Epping recorded 0.9 per cent growth and Wollert was 0.8 per cent.
Now, as I touched on earlier, it’s important to keep in mind that these figures are only indicative of general trends, not specific price movements for individual properties. So if you would like a more informative update on what your own property could achieve in the current market, you simply need to give us a call at Barry Plant Thomastown, and we’ll be more than happy to provide you with an up-to-date appraisal without cost or obligation. Just give us a call on 9466 3233.
Best wishes,
Con Constantinou
Barry Plant Thomastown