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How has job growth affected Bentleigh property prices?

By Matt Hurlston

It's no secret that the price of housing in Melbourne has been on the rise.

According to the October edition of CoreLogic RP Data's Housing Market and Economic Update, the median price for dwellings in the city has increased by 14.2 per cent over the year to September 2015.

This has proven to be an incredibly fruitful time for people who own real estate in Bentleigh and are looking to make a sizable chunk of profit. For buyers on the other hand, it hasn't the made the barrier of entry into the market particularly easy to leap over.

In regard to price changes, experts often cite low interest rates as the main driver behind these rising prices. But are there other important variables at play that people aren't thinking about?

Another report by CoreLogic RP Data sheds light into another angle behind these property price changes. It insists that the relationship between the labour force and the real estate market is a lot stronger than people perceive. 

"Being employed is often a key determinant to owning a home," says Cameron Kusher, senior research analyst of CoreLogic. He notes that it's an obvious but overlooked factor.

Between December 2008 and September 2015, Melbourne and Sydney was responsible for 66.9 per cent of all employment growth across the capital territories and cities. Furthermore, both these cities have continued creating the highest proportion of jobs in the 12 months to September.

This could be one reason why demand for housing in these regions have been far more accelerated than in others, pushing prices up.

Settling in Bentleigh

If you're working or currently looking for employment in this great city, why not take a look at real estate in Bentleigh. Our team at Ray White Carnegie will help you every step of the way to make sure you find something you love.

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