Generating strong returns is the ultimate goal for any property investor, which is why real estate agents in Bentleigh may soon find themselves in high demand. That's because the latest CoreLogic RP Data Hedonic Home Value Index shows that the market isn't slowing any time soon, with investors making the most of increasing property values.
The July data points to a median dwelling price of $568,200 in the Victorian capital. This is the second-highest result in the country, ranking only behind Sydney.
Prices have increased 11.5 per cent over the past 12 months and are 6.1 per cent higher than the previous quarter. As a result, CoreLogic RP Data estimates the total gross returns on property to stand at 15.2 per cent.
Head of research Tim Lawless acknowledged that the current growth cycle began in May 2012, after the effects of the global financial crisis started to subside. Over this period, property values in Melbourne have risen 32.1 per cent, showing that the city has once again outperformed virtually every other capital market.
Mr Lawless also offered some recommendations of the types of property that investors might want to take a closer look at.
"Across every capital city except Hobart and Darwin, we are seeing detached housing outperform units for capital gain, with house values up 11.6 per cent compared with a 7.2 per cent increase in unit values over the past year," he commented.
In recent weeks, the Real Estate Institute of Victoria also reflected on how well the Melbourne market had performed. It revealed that the median price in the city had exceeded $700,000 for the first time during the June quarter.
Matt Hurlston is an experienced real estate agent in Bentleigh who can help you find your next investment property. Give him a call to talk more about how to expand your portfolio.