If you were in the market for Coburg real estate last month, there's every chance you may have found your options to be somewhat limited. The latest figures show a decline in stock listings throughout Melbourne, but analysts aren't concerned given the Christmas and New Year period.
SQM Research noted a 5.2 per cent national fall in listings between November and December. Melbourne exceeded this by posting a 16 per cent decline in its number of properties for sale, ranking second to only Sydney with a 17.7 per cent fall.
The data also reflected on listings over the past year, revealing that 7.2 per cent fewer homes were available for purchase in the Victorian capital in 2015 than 2014.
"To me this is yet another indicator of the slow market that Sydney is now experiencing and the contrasting Melbourne market which this information suggests, is firming," explained managing director of SQM Research Louis Christopher.
However, there is some good news if you've already invested in Coburg real estate, as the group also revealed the results of its weekly Asking Prices Index. During the week ending 9 January, house prices in Melbourne were up 9.5 per cent from a year earlier, while unit values improved by 3.3 per cent.
The decline in stock listings shouldn't be a deterrent for buying real estate in Melbourne, as the CoreLogic RP Data Home Value Index uncovered strong price growth throughout the city. The December release showed the median dwelling price now stands at $610,000 – that's 11.2 per cent higher than a year previously.
For a closer look at the best properties Coburg has to offer, get in touch with Ray White Brunswick. Our knowledge of the local market is second to none and could be just what you need for a successful investment.