Here’s looking at key real estate markets in Melbourne

1 min read

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In recent times, the properties in Victoria are one of the most sought-after homes because of their affordability. Pakenham was arguably the most engages property market in the past year, and over 1114 dwellings have been sold here. Furthermore, a lot of beginner buyers benefitted from this deal by buying houses and securing a place in an affordable suburban area in the south-eastern locality. This place is very affordable with a median price of only 500k dollars. This makes it attractive to new buyers who want to start owning property as an investment venture.

The areas of Craigieburn and Point Cook have also been very active. According to business statistics, more than one thousand residencies were sold over the past few days in these two areas. This is primarily because of the affordable median rates that these two places offer. Craigieburn offers places in the 500k range, and Point Cook offers places in the 650k range median. This is precisely the kind of deal which is sought after by property buyers in the Melbourne market. Like Pakenham, here too the majority of buyers were looking for houses. About 95.8 % of the property sold in this market were houses.
These suburbs have made their way in to the top ten best-selling suburb lists through their affordable median prices which range from 700k and below.

Some of the suburbs who have become well-deserved part of this list are Werribee, Frankston, Sunbury, and Berwick. Local places like Traralgon and Mildura have also made it into this list with their affordable properties.
However, the place with the most amount of proportion unit sales was Reservoir. The proportion unit sales reached a whopping forty four percent, and their median prices ranged in the 750-800k range. It is also conjectured that when the suburb’s median is compared to that of the other ones it comes in the 550k range. It is also conjectured that in places like Craigieburn and Pakenham, the sales have increased for land suburbs and homes because of new dwelling supplies. These sales have also gained a lot of advantages because of first-time home owners who were looking for properties below the mark of 750k dollars. This trend of most of the buyers being first-timers is mainly encouraged by the decrease in investor dealings, and new state government incentives. This has resulted in a fifteen per cent increase in the price of house sales prices.

Furthermore, there are many projects near this area of the suburbs who are providing employment opportunities. This has made the properties in this area all the more attractive. This has caused Pakenham to become one of the most attractive properties on the market with total sales raking up to about 600 million dollars, in 2017. All of these factors have contributed to making this area attractive for people who are looking to move in the city from small towns. The past one and a half year has seen an investment of about a billion dollars from buyers like this. Thus, this is a hot spot for buying property in Melbourne.

Resident Editor