Have you noticed a lot of new houses being built around Bentleigh lately? You're not mistaken, as real estate in Bentleigh is at an all-time high.
According to research from CoreLogic RP Data, South-East Melbourne now has the largest number of new dwelling approvals in the entire country.
Across the year to April 2015 there was 4,874 approvals granted, over 600 more than West Melbourne in second.
With the lower interest rates, demand from homebuyers and property investors has surged upwards, ultimately outstripping supply, which has resulted in the higher property prices.
"Low interest rates are acting to support borrowing and spending, and credit is recording moderate growth overall, with stronger lending to businesses of late," said Reserve Bank Governor, Glenn Stevens.
The best way to address a higher level of demand is to increase supply, which it seems is precisely what is happening with real estate in Bentleigh.
The Housing Institute Association believes it is about time that the supply of housing became a national issue, as it is imperative that we keep up with Australia's thriving and maturing population.
It's great news for buyers.
Simple economics states that supply should meet demand for a market to be fair. With the current market and interest rates, demand is exceeding supply but with the nation-leading number of building approvals, this could soon change.
This would ultimately result in lower prices and a more equitable property market for buyers and sellers.
If you're interested in real estate in Bentleigh, go no further than Matt Hurlston and the team at Ray White Carnegie. We have expert knowledge of the market that could be instrumental in helping find the right property for you.