Langwarrin stands out in Australian property market for consistency in terms of prices

1 min read

langwarrin-stands-out-in-australian-property-market-for-consistency-in-terms-of-prices.jpg

There are still several property markets in Melbourne that are good bets for investors in terms of their future appreciation potential and current price growth. Langwarrin has reportedly been labelled as the most consistent real estate market in Australia with experts and studies forecasting stable price growth in the future. Other good options include Skye and Frankston which are located near Langwarrin in addition to Patterson Lakes, Boronia, Healesville, Hallam and Mt Evelyn. These are suburbs which have notched up high sales volumes for homes over the last 3-4 years. Frankston has notched up sales figures between 263-330 units for each quarter over the last 4 years and in the same period, for every quarter, Langwarrin has seen 113-138 units being sold and Boronia has seen 121-142 units being sold.

Increases in prices usually come after a sustained duration of home sales and there are several buyers who may identify this trend and may buy prior to growth in prices by choosing locations where sales volumes are steadily going up. The median home price in Langwarrin has increased by a whopping 62% over the last 5 years to stand at $610, 000. Home values have come down overall by 2.9% from November 2017 in Melbourne. However, Langwarrin has resisted this trend and buyers have been attracted to the green and semi-rural ambience in the suburb which is also located near the beach and offers easy access to the CBD (Central Business District). The area also has good schools and is still affordable to buy into.

Some areas like Knoxfield, Doveton, Ardeer, Kurunjang, Dallas, Manor Lakes, Macleod, Mernda, Melton South, Werribee, Sorrento and Wollert have also witnessed handsome growth in prices over the last year with some areas seeing prices go up by more than 20% even! These suburbs in Melbourne are expected to witness increased price growth over the next few years as well, going by the current market demand for homes in these locations and other potential developments.

 

 

Resident Editor