Recent growth in median house prices in Melbourne is great news for property investors, however those with growing families looking at real estate in Carnegie to find a new home are encouraged to take a closer look at the details.
Breaking the prices down within the different metropolitan areas of Melbourne, while also identifying the number of bedrooms and whether the property is a house or a unit, holds the key to understanding what real estate is truly worth.
Data released by the Real Estate Institute of Victoria (REIV) showed large variations in price between suburbs and the number of bedrooms available.
For example, a two-bedroom house in Melbourne's inner suburbs is worth an average of $720,000 compared to $1,320,000 for a four-bedroom property.
However, a similar sized four-bedroom property will sell for an average price of $505,500 in the outer suburbs, pulling the city-wide average down to $610,000.
"The new median prices by bedrooms are useful for investors looking for the highest rental yields or capital growth, for downsizers wanting to free up home equity but stay in the same neighbourhood and for those feeling squeezed out of their preferred suburbs," REIV CEO Enzo Raimondo said in a December 9 media release.
If you would like more information on how this data could affect your home buying decisions, contact Matthew Hurlston at Ray White Carnegie today.