Anyone looking to sell their property in Brunswick or other Melbourne suburbs should be able to expect a great sale on it. While there have been talks of the market cooling down in the near future, demand for housing in the city has remained relatively strong. CoreLogic RP Data's monthly indices show that Melbourne dwellings rose in value by 12.78 per cent in the year to October, pushing the dollar value to $778,760.
There are many different types of property in the market but which are the ones currently driving growth? While there's been expansion across the board, findings show that for many Melburnians, big might still be best. A November 6 report by the Real Estate Institute of Victoria (REIV) reveals that the demand for larger family-sized homes has continued to surge in the real estate market.
In the three months leading to September, the median price of three-bedroom homes jumped 3.1 per cent to $675,000. Similarly, the median price of four-bedroom properties rose by 3.8 per cent to $955,000. Somewhat unsurprisingly, it was actually family homes in inner city suburbs that saw the most dramatic rise in market worth. In this same time period, the median price of three-bedroom houses climbed a staggering 5.8 per cent to slightly over $1.1million.
"Family homes will always be desirable as they appeal to a broad range of buyers and offer the added benefit of land value," remarked REIV CEOEnzo Raimondo. Whether it's a developer wanting to use your land and redevelop it for high-density building or a family wanting to own their first home, these types of properties have plenty going for them.
If you have a family home in the area that you want to make a great profit on, the market is currently working in your favour. Give Ray White Brunswick a call and we'll help you get your real estate in Brunswick in front of buyers who may be willing to pay top dollar for it.