The term “property boom” is being thrown around a lot again, which may be premature but is not surprising given Melbourne’s recent record-breaking run for prices and the soaring auction clearance rate.
Property analysts Residex report that Melbourne’s median house value has nearly broken the half-a-million-dollar mark, drowing 1.18 per cent in July – or 5.05 per cent over the past quarter – to reach an all time high of $498,000
That’s more than $18,000 above the peak price achieved during the 2007 property boom, and tens of thousands of dollars higher than the prices that used to fire concern about the citys’s worsening housing affordability crisis.
So rapidly and strongly has the market preformed in recent months that claims of a boom are being greeted by concerns that things are getting too hot. This is particularly the case in the auction market, where low supply levels have made it common for properties to atreract up to half a dozen active biders and sell for well above reserve.
If you are not sure what the market is doing and are confused about how to start or finalising the purchase of your property (your own home or investement) call Domain Property Advocates to save you stress, time and money.
If interested in learning more about this update please contact me today!
Tags: affordability crisis, Auction, auction market, Boom, cent, house, housing affordability, property, property advocates, property boom
 |
As Domain Property Advocates continues to grow I will continue to provide superior service to those choosing to use property as their investment. It is an important choice of who to choose as the one responsible to look after your property. You can be sure that Domain Property Advocates will always strive to be the best. |  |
