The REIV has released the June quarter median prices which reveal that the median price of a house in Melbourne has increased by 8.5 per cent to $559,000 from a revised $515,000 in the March quarter.
Enzo Raimando, the CEO of the REIV expects apartments to continue to drive growth “Prices have also continued to rise in the unit and apartment market, with an increase of 4.7 per cent to $463,215 in the quarter. Carlton, Ascot Vale, Malvern East, Northcote and Footscray had the largest increases in their medians over the quarter,” Mr Raimondo concluded
The June quarter looked great but with Spring now upon us we expect to see an increase in property available in the marketplace and with the additional positive news reinforcing confidence in the Australian economy demand will be sure to follow. Confidence is rising and with the lending requirements starting to ease slightly (some banks now offer 95% loans again) and the property market showing strong growth through winter, the market seems poised to tick along at good levels.
New and Off the Plan: This segment of the market looks very healthy at the moment. The Nyko Property clients who bought throughout 2008 and 2009 and are settling now have realised significant increases in the value of their properties, some in excess of 20%. If you factor in growth figures like these, with the ability to purchase a property now without having to settle for 12-18 months, it gives you the option to draw equity quickly and re-invest to build your portfolio.
Finding these opportunities in the market place is not easy whether its price point property, or high-end projects and the market is not as simple as it used to be. Ample due diligence to support the location, and the performance of the property needs to be sought and only then can these opportunities be qualified as strong investments. The Melbourne 2030 concept is a brilliant guide, a government backed initiative disclosing the up-and-coming hot spots in Metro Melbourne, enabling Nyko Property to locate boutique projects in these locations, and package them with all the information necessary to make an educated decision.
The time to act is now, contact Nyko Property to learn more about our exclusive ‘off market’ investment opportunities and receive your complimentary ‘Project Information Pack’.