January Market Wrap
January 31, 2020 Beaumaris Office News
We are already beginning to witness the predicted rapid recovery of the property market. It’s only been one month since we brought in the new year, and property prices are already beginning to succeed their previous record highs.
The newly released figures from the December quarter were extremely optimistic for Victorian homeowners. The record-breaking data highlighted that the median house price in metropolitan Melbourne is $859,500 and $639,000 for units. In regional Victoria the median house price is $422,500 and $307,500 for units. These results were the product of consecutive rises of over 3% for the last two quarters. This level of growth is extremely rapid and hasn’t occurred since the property boom in June 2017.
In the last quarter alone, the Melbourne housing market has experienced an increase of 3.7%, and the unit market an increase of 3.7%. In regional Victoria this momentum was also reflected with housing prices escalating by 2.2% and unit prices showing immense growth of 3.2%.
Anyone who has invested in Victoria is getting a great return. Buying in regional or metro Victoria has proven to be a smart and beneficial investment with growth and increased value experienced across the entire state.
Speak to your local Hodges property professional today to uncover the wide range of investment options at your disposal. You get more with Hodges!