Median house price data is valuable for a wide range of buyers, not least because it gives an indication of how well a particular area is performing. Demand for investment property in Carnegie could soon increase even further, as the latest figures point to strength across the Melbourne market.
The Real Estate Institute of Victoria (REIV) announced that the state capital's median price had exceeded $700,000 for the first time on record. In fact, chief executive of the REIV Enzo Raimondo even suggested that the area was experiencing boom-like conditions.
"This represents a quarter-on-quarter increase of more than five per cent. The last time we had a quarterly increase this great was in late (December) 2014," commented Mr Raimondo.
The REIV reveals that there are several factors at work in the Melbourne property market. For example, the city experienced record auction sales during the first six months of the year, and the city has also experienced high levels of migration.
December quarter data from the Australian Bureau of Statistics shows that Victoria experienced the highest level of interstate migration in more than 40 years.
The majority of people relocating to the state originated from New South Wales, while there were also strong levels of migration from South Australia. Over the course of 2014, an additional 9,300 residents moved to the state from elsewhere in the country.
As a result, greater demand for property in Melbourne and surrounding areas has caused prices to move in an upward direction.
It's not always easy to know where to start with your property search, which is why Matt Hurlston and the Ray White Carnegie team are on hand to assist. We have years of experience in the local market, so can help you find an investment that's in line with your goals.
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