Figures from the latest Commonwealth Bank-CoreLogic Home Buyers Index show that property market conditions in the Moreland City area have been pushed further in favour of sellers.
Properties are selling rapidly for and above asking prices due to a high level of demand, which is only driving home prices higher.
In fact, an additional report from CoreLogic RP Data found that that on average, Melbourne houses are taking only 37 days to sell. As a direct consequence of these swift sales, home values across Melbourne have increased by 7 per cent over the year to January 2015.
With this research in mind, it certainly seems to be a good time to sell property in Brunswick.
Figures from the Australian Bureau of Statistics show that between 2013 and 2014, the greater Melbourne area experienced the largest population increase of all the capital cities with 2.2 per cent, which accounts for 95,700 people.
This influx of people means the real estate market is being buoyed along by the sheer number of prospective buyers in relation to the smaller amount of houses and units available – demand is outstripping supply. This is in correlation with the decreased interest rates, which Reserve Bank of Australia Governor Glenn Stevens said were put in place to continue the improved trends in household demand.
"Low interest rates are acting to support borrowing and spending, and credit is recording moderate growth overall," he said.
This means first homebuyers are now more equipped to access the market, with loan repayments easier to manage.
Homes are only on the market fleetingly before being sold to the best of an abundance of offers. With demand higher than supply, the conditions are certainly suited to those selling real estate in Brunswick.
The property market is forever changing, so if you're interested in selling your home and making the most of the current market conditions, talk to the team at Ray White Brunswick. Our experience of the local market can help you get the best price for your property.