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Building surge brings more homes to Melbourne

By Matt Hurlston

If you’re hoping to get onto the ladder for the first time with a brand new property in Bentleigh East, the latest construction figures could give you some encouragement. The City of Melbourne has released its November 2015 Development Activity Monitor, which points to a rise in the number of homes being built across the Victorian capital.

Smaller homes take priority

First-time buyers might reap the greatest rewards from this recent building boom, as the statistics point to an increase in the number of one- and two-bedroom homes entering the market. Throughout November, more than half (52 per cent) of the properties built had two bedrooms, while 43 per cent had one bedroom.

Family homes were in much shorter supply, as three-bedroom homes represented just five per cent of the total. Studios, on the other hand, accounted for 0.5 per cent. Over the course of the year, 470 studio apartments were built – and it’s expected many more will be added to this total in 2015.

How it will affect the price of property in Bentleigh East

Earlier this month, the Real Estate Institute of Australia (REIA) suggested that by increasing the number of properties on the market, prices would soon start to fall. If this turns out to be true, then there could be potential for values to decline throughout Melbourne.

The Adelaide Bank/REIA Housing Affordability Report for the final three months of 2015 showed that homes are generally becoming more unaffordable, which is why more properties need to be constructed.

Another way to make sure you find a property in Bentleigh East that’s in line with your budget is to speak to a real estate agent. Matt Hurlston knows the local area inside out and will be able to help you find a property that meets your needs. Get in touch today for more details.

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