housing price rises

Price rises continue despite Reserve Bank moves

Author: Ben Reid - Manager VAA

One of the clearest signs of the underlying resilience of the Australian property market is the fact that despite the continuing reliance on higher interest rates by the Reserve Bank to slow the economy, and the resultant concerns about the rising cost of living, our median property prices have continued to rise.

The numbers from the latest Corelogic Home Value Index indicate that property prices rose by an average of 8.9 per cent over the past twelve months to the end of February, reaching an all-time high in the process.

What is even more interesting is to see what has been happening when you drill down on these numbers to see what has been happening on a suburb-by-suburb basis. Corelogic’s figures show that of the 4,625 different geographic markets analysed, 4,087 of them (88.4 per cent) saw values increasing over the year.

On a more local level, the same study found that 90.3 per cent of Melbourne suburbs recorded an annual rise. In contrast, only 40.1 per cent of regional Victoria markets recorded a rise in values.

For the property investors among us, 99.1 per cent of Melbourne’s metropolitan suburbs recorded a rise in rents over the year, whilst 92.6 per cent of areas in regional Victoria saw a hike in rents. Of course, these figures will not come as news to all those renters who have been struggling to cope with our tight rental market in recent years!

Data like this is certainly likely to be positive news for many Victorian homeowners who are currently weighing up whether now is the right time to make their next move in their property plans. If that sounds like you, don’t overlook the importance of getting objective and experienced advice before you finalise your plans.

If you’re keen to maximise your result this Autumn, don’t hesitate to give our team at Ian Reid Buyer and Vendor Advocates a call this week on 9430 0000.

You’ll also find lots of helpful tips for vendors in our free booklet, ”FATAL REAL ESTATE TRAPS EXPOSED”, so be sure to download a copy while you’re here.

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