June 2016 Real Estate Growth Suburbs – Camberwell, Prahran and Richmond

There has been solid growth in the Melbourne real estate market in the June quarter, defying a slow economy and a moderating national real estate market.

The median house price increased 3.6% which brings it to a record high $725,000, the largest  property price growth since September 2015.

The biggest growing suburbs being Camberwell, Prahran and Richmond, although growth was widespread across metropolitan Melbourne. Significant growth was also seen in affordable suburbs, (contact JMAC to find out more).

There are fewer homes on the market than this time last year so demand is outstripping supply. Coming into Spring will be a fine time for buyers and sellers alike as competition hots up in the real estate market.

What to buy is the important question one must ask themselves, and of course it comes down to budget. We can place you in the best possible property that your budget allows.

Do not make the mistake of buying property in the wrong location.  Always buy in growth corridors, plus there are always good and not so good locations in every suburb.

Melbourne’s outer suburbs are now showing higher growth per annum than inner suburbs. I would suggest this is an excellent opportunity for buyer and seller. The buyer knows they will get increased capital growth, the seller, if wishing to move on and upgrade will have made significant capital gain.

We can show you a property market analysis on Homes, Townhouses and Units in all metropolitan Melbourne. The hotspots as well as growing suburbs you should be aware of.

If you are an investor, Victoria’s vacancy rate fell to 2.8% in June 2016. Good news for high rental returns on property.

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