News

Property buyers overestimate dwelling prices

ByJamil Allouche

Price awareness is something everyone should ideally have when they go in search of Pascoe Vale real estate. After all, it's an important step in making sure you've set aside enough money to buy your home and that you're ultimately paying a fair price for it.

New research from CommBank has found that some buyers aren't as clued-up as they might hope when they enter the property market. Half of potential home buyers overestimate the median price of real estate, the findings showed, despite appearing relatively confident in their perceptions.

Dan Huggins, executive general manager of home buying at Commonwealth Bank, urged people to use whatever means are at their disposal to find out more about what they should be paying for property.

"Home buyers need to do their research so they can enter the market with confidence," Mr Huggins commented.

"We know people use a variety of resources to inform their purchasing decisions such as websites, real estate agents and their friends and family."

The CoreLogic RP Data Hedonic Home Value Index is one source of information you could use when buying real estate in Pascoe Vale. January 2016 results showed the median dwelling price in Melbourne registered at $595,000 – that's an 11 per cent increase from a year earlier.

Compared to the previous month, values in the city had risen 2.5 per cent, but were down 0.1 per cent quarter on quarter.

Let a real estate agent lend a hand

Enlisting the help of an experienced real estate agent in Pascoe Vale can be a major advantage. They can give you the latest property prices for your chosen area and help you make an informed decision.

Get in touch with the team at Ray White Brunswick for an expert service you can rely on every time.

Up to Date

Latest News