Savvy investors should think about taking a closer look at property in Bentleigh East, as one major industry group has named the suburb as a value growth hotspot. The Real Estate Institute of Victoria (REIV) was reflecting on how well the market has fared over recent months, before earmarking certain regions that have witnessed impressive results.
Bentleigh East was one of them, recording growth of 9.9 per cent over the first quarter of the year. There are high hopes this momentum will continue well into 2016.
In fact, the outer suburbs of Melbourne are giving inner city areas a run for their money, suggesting that investors may need to look slightly further afield if they’re going to generate the highest yields.
During the first three months of the year, Melbourne’s median house price registered at $713,000, a relatively stable result since the end of 2015. Data from the Australian Bureau of Statistics revealed that during the December quarter of last year, property prices were up 9.6 per cent from the same period of 2014. This is much higher than the eight-capital average of 8.7 per cent.
It’s possible that sales of property in Bentleigh East will gather even more pace over the coming months. REIV pointed out that the market had been slower than usual in the first three months of the year, mainly due to the number of public and school holidays.
Nevertheless, May and June are forecast to be particularly active periods for the Melbourne property market. With Bentleigh East being identified as a hub for growth, there’s every chance that investors will be honing in on this particular suburb.
To get ahead of the crowd and secure your real estate in Bentleigh East, give Matt Hurlston a call.