The median price for inner city suburbs in Melbourne has risen to $1.1million for the first time ever, which could be great news for owners of investment property in Bentleigh.
Real Estate Institute of Victoria chief executive officer Enzo Raimondo said that the first three months of 2015 saw the median price climb to $1,164,500, which is a significant increase over the $1,099,000 median recorded for 2014's December quarter.
"By the September quarter of 2013 the median price of $971,500 broke the previous record, set in March 2010. Since then, there has been an increase every quarter and with it, a new record. By March last year the inner Melbourne median had broken the $1,000,000 barrier," said Mr Raimondo in a 17 April statement.
Furthermore, the 76 per cent clearance recorded for the year ending 31 March is the highest for Melbourne in five years. Much of this development is to do with growing investor activity across the Victorian capital city, which could be encouraging for anyone sitting on the fence about their own portfolio expansion.
If you're interested in buying Bentleigh real estate, be sure to get in touch with Matt Hurlston at Ray White Carnegie. His knowledge and expertise can help to streamline the process and make it as simple as possible.
Article Source : Click Here Nerida Conisbee – Chief Economist In property markets, price pressure usually flows like water – when buyers can’t afford their preferred suburb, they move to the next-best alternative nearby. This “spillover effect” drives faster price growth in adjacent, cheaper areas as displaced demand seeks similar … Read more
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