Outer-Melbourne's property market is showing promising signs of staying solid leading into winter, a season where sales and rates of growth traditionally decline. In fact according to the Real Estate Institute of Victoria, Melbourne's median property value has remained reasonably stable at $713,000 for the last six months before March. What might this mean for Brunswick and surrounding areas?
Brunswick and it's surrounding suburb's prices are tied to that of greater Melbourne for obvious reasons. Brunswick real estate in particular is enjoying the fruits of Melbourne's consistently solid property market, boasting a median home value that has grown to $936,000 according to a Residex report. This is a number that may have investors eyeing the suburb as it's paired with reliable growth prospects.
On the flip-side this may seem an imposing figure with a few too many zeros for fledgling home buyers, making a detached home in our area out of reach. However, it's important to know that several streets in Brunswick are more affordable, offering an obtainable entry point into the suburb – such as Dawson Street, which has a relatively low median property value of just over $600,000 (meaning half the houses on this street are under that amount).
Furthermore, Residex has found that units and apartments in the area have a relatively low median price of $472,000 – a palatable figure for first and second home buyers. If you're prepared to compromise on location you may be able to find property even cheaper, with streets such as Garnet Street boasting an uber-affordable median price of $285,098.
While the whole area is showing promising signs, our little corner of Melbourne has been particularly impressive according to REIV Chief Executive Officer Enzo Raimondo.
"In the first three months of 2016," he stated, "outer-Melbourne again proved to be the best-performing area of Melbourne, with most of the top growth suburbs in the north and west of Melbourne".
This represents a trend of home buyers moving out of the city centre to find better-value property in suburbs such as Carlton and Brunswick, whose real estate offers a low-cost, high-growth alternative to inner-Melbourne's sky-high property prices.
While winter may not be a period you associate with buying a home, sales and transfers in the coming months are set to be high, offering buyers plenty of choice and suggesting that now is the time to contact us for help climbing the property ladder.