Not sure if you want to sell your smaller-sized real estate in Brunswick?
An August report by CoreLogic RP Data shows that the number of properties that sold for less than $400,000 experienced a decline. Over the 12 months leading up to July this year, only 37.4 per cent of national sales were below $400,000, which is a record low. Australian Broker News notes that this is a large decline from 44.1 per cent just the year before.
Melbourne itself saw 23.8 per cent of houses and 35.9 per cent of units sell for less than $400,000 in this period.
Simultaneously, a record high of 17.7 per cent of houses and 5.4 per cent of units in the city sold for more than $1million.
This means that we're seeing a push in prices from both the upper and bottom ends of the market. If you have smaller property in Brunswick like a one- or two-bedroom home, you may still be able to get the sales result you were looking for.
But it may be a good idea to do it sooner rather than later.
Another report from CoreLogic has interpreted figures from the Australian Bureau of Statistics (ABS), indicating that we may be seeing a tightening of investor lending. Over the month of July, investment property loans only rose by a marginal 0.6 per cent, the lowest monthly growth seen since October 2013.
This could result in a slowing of demand for Brunswick, Carlton, and Coburg real estate if investor housing credit continues declining, and could mean less potential gain from your property sale. But selling now means you'll get ahead and increase your chances of getting a top dollar sale on your home.
If you're thinking about cashing out on your small property in Carlton or another Moreland suburb, get connected with Ray White Brunswick. We'll make sure the selling price on your property hits above its weight.