Melbourne's house values rose by 2.4 per cent September, according to the RP Data-Citibank October 2013 Housing Market Overview.
Dwelling values are now 5 per cent higher than before the September quarter, which could be encouraging for those who own investment real estate in Carnegie.
However, it's not too late for first time investors to make a property purchase as dwelling values are currently 1.9 per cent under the historic high, showing prices still have room to grow.
In fact, now could be the best time to invest in Carnegie real estate, as the Melbourne Housing Institute Association-Commonwealth Bank Housing Affordability Index figures rose by 2.6 per cent over the 2013 September quarter.
This result signals houses in Melbourne have become more affordable over the recent months, at an equal rate to the average affordability increase for all capital cities across Australia.
"Despite widely-publicised dwelling price increases in some markets in recent months, affordability has continued to improve as a result of reduced interest rates," HIA Senior Economist Shane Garrett said in a November 27 media release.
For more information on how these figures could affect your home buying decisions, contact Matthew Hurlston at Ray White Carnegie today.
For many first-home buyers and young professionals, Bentleigh East has become one of Melbourne’s most desirable suburbs. Offering a blend of family-friendly living, excellent amenities, and strong long-term growth potential, it’s easy to see why demand continues to remain high. If you’re considering purchasing your first home in Bentleigh East, understanding the local market can … […]
Murrumbeena, located approximately 13 kilometres southeast of Melbourne’s CBD, continues to attract strong buyer interest as one of the city’s most sought-after residential suburbs. Known for its family-friendly atmosphere, excellent transport connections, quality schools, and attractive mix of character homes and modern developments, Murrumbeena remains a popular choice for both owner-occupiers and investors. Recent property … […]