According to recent research for the March 2015 quarter, only 5.6 per cent of property sold in Melbourne was at a loss, while 38.9 per cent was sold with a profit of 100 per cent or more.
Analysis from the Pain & Gain Report released by CoreLogic RP Data compares the most recent sale value of a home or unit with the initial purchase price to ascertain whether the property was sold at a profit or at a loss.
A further study from CoreLogic RP Data found that of all the capital cities over the past year, Melbourne's property prices have risen the second fastest – so it is perhaps no surprise that so few homes were sold at a loss. These staggering figures reflect the booming real estate in Bentleigh, indicating a good time to sell.
RP Data Victoria Housing Market Specialist Robert Larocca believes that Bentleigh is soon to join the million dollar club in terms of median property price. In the 12 months to November 2014, 97 homes in Bentleigh sold for more than $1million.
"A cursory glance at the 'for sale' advertisements shows a suburb undergoing significant change with an increase in multi unit dwellings replacing the older homes on what are now large blocks. These homes coexist with a mixture of styles that are clearly proving to be very popular with buyers," Larocca noted in a November 13 2014 RP Data blog post.
The great news is neither option is the wrong answer, as demand for the area and consequently the property price increases are showing no signs of slowing down. Regardless of your decision, you should get in touch with Matt Hurlston and the experts at Ray White Carnegie. We have years of experience in helping people buy and sell property in the area.