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 those looking to enter the property market for the first time, the bar has has never been higher amid skyrocketing prices, hefty deposit hurdles and tight borrowing rules. National home prices hit a new record high in February according to PropTrack, with values up 6% over the past year. For those … Read more
For anyone looking to renovate a home in 2024, the message is clear; do it sooner rather than later. While keen renovators could still face difficulty finding tradespeople, they’re being urged to make the most of stabilising building costs before a potential surge in demand later this year, off the … Read more