Living in Bentleigh property but thinking of moving out? There's never been a better time to sell, according to recent numbers.
The recent quarterly review from CoreLogic RP Data seems to reinforce this strongly. The value of residential property across the country rose to a mammoth $6trillion as of July 2015. This is a massive $400million increase from just October last year when it was estimated to be $5.6trillion. Sydney's markets crunched the biggest numbers, seeing an annual housing value growth of 18.4per cent. This brings the city's median house price to $921,500.
However, Melbourne's market is no small fry either. The capital city came in at a strong second, seeing a steady 11.5 per cent price growth in the 12 months up to July. This resulted in Melbourne recording a median house price of $630,000 and unit price of $483,500.
This boom is hardly surprising, as the Commonwealth Bank Home Buyer's Index categorises Melbourne as a sellers' market. This means that the housing market is swinging more in favour for sellers over buyers.
This is due largely to the low two per cent cash rate set by the Reserve Bank of Australia that has been in place since May. With all-time low interest rates, housing supply simply hasn't been able to keep up with demand, driving prices up. This makes it an opportune time for making huge capital gain off your Bentleigh and Carnegie real estate.
Want to take advantage of Melbourne's seller-favoured market? Considering putting your real estate in Bentleigh on the market. Give Matt Hurlston and the Ray White Carnegie team a ring and we'll make sure your property gets the big sale it deserves.