As house values continue to soar, it might be worth your while looking into apartments instead.
A recent media release from CoreLogic RP Data reveals July's dwelling values and growth across the country. Australian housing is now valued at $6trillion after dwelling prices in capital cities rose by 2.8 per cent over the month. Sydney saw the most growth with an 18.4 per cent year-on-year increase, recording a median dwelling price of $790,000.
Melbourne came in a strong second, observing a growth of 11.5 per cent and a median dwelling price of $568,200.
This is good news for those already sitting on property in Brunswick and other Melbourne suburbs, who could make some serious capital gain. However, you might be seeking real estate you can really turn into a home, without looking to make a quick buck as a central priority.
This means you'll want to stay out of the way of investors battling for houses that may see rapid value growth in the short term but may cost more than you're prepared to spend. Consider an apartment or unit instead.
While Melbourne's houses increased in price by 12.3 per cent in the 12 months leading up to July, apartments and units only jumped in value by 4.8 per cent.
CoreLogic's Head of Research Tim Lawless said: "The higher growth rates for houses compared with units is likely to be supply-related, with the underlying land component driving detached housing values higher at a time when new apartment supply has seen a substantial boost from new construction."
More supply means many things for a homebuyer. This includes a greater choice of types and locations of apartments and more competitive prices. And even if you do decide to use it as an investment property later on, rental yields on units have seen a greater increase than houses in the city, and could mean better returns for your dollar.
If you're after apartments or other real estate in Brunswick, don't hesitate to give Ray White Brunswick a call.