Good upgrading opportunities in the Melbourne property market appear to be available for clients looking within quality inner-city areas as reported by BuyerX.
When asked of the upgrading opportunity, Tim Picken of BuyerX – Boroondara & Stonnington, highlighted the following examples:
- 20 Hodgson St, Kew which was valued back in May 2018 at $2,800,000 and sold in Jan 2019 for $2,030,000.
- 62 Berkeley St, Hawthorn which sold last month at $2,800,000 – now under 3000 per sqm. Last year this area was selling 4000-4500 per sqm.
*Hawthorn house values have contracted by 23% over the last 12 months.
“We have seen sharp declines in the last 6-12 months in key areas like Kew, Canterbury, Camberwell, Toorak, and Malvern. Properties that are land value have dropped close to 25% in some cases. Flexible credit and the Asian market have been the key drivers to the growth and with them now being restricted we are seeing some really good value in A-grade locations. This is an ideal time to look to get some strong capital growth when buying at a discounted level. Property fundamentals haven’t changed and as the dollar drops and the banks loosen their credit restrictions, these opportunities won’t last long” according to Tim Picken.
Nuno Raimundo of BuyerX – Melbourne Inner North, saw the following example at 497 Dryburgh Street, North Melbourne that sold recently for $2,108,000 after the initial quote of $2.5m -$2.7m.
Nuno said “In light of recent substantial drops in the “upper end” properties of the inner city market. It is the perfect time to either be upgrading to a bigger property or even to relocate to a suburb that has been out of reach for 5+ years. Timing is key, secure a better property first and then place your property on the market when there is less stock in the Autumn/Winter period, where statistically auction clearance rates go up and prices hold.”
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Data sourced from Corelogic RP Data
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