Melton Statistics collected from The Real Estate Institute of Victoria are a very good reason as to why you should definitely consider buying in the outer city suburbs right now!
The Real Estate Institute of Victoria found that median house prices of the outer suburbs of Melbourne reached an all-time high of $557,500 which was a 0.5 percent increase from last quarter.
Inner Melbourne rose 0.2 % to $1.26 million and Middle Melbourne actually fell 0.9% to $827,000.
12 of the top 20 growth suburbs this quarter were more than 20 km away from Melbourne’s CBD.
Why is this happening and why should we make a move in the outer suburb property market, particularly Melton right now?
– Affordable
– Improved infrastructure
– Increase in population
– Inner city house prices increasing (which will have a domino effect and increase the outer city suburbs house prices)
– Bigger blocks and homes, attractive for families
– Improvement in public transport (easier to get to the city)
Property in the outer suburbs of Melbourne is a lot more affordable, but it will continue to increase in value as there becomes a higher demand for houses for our rapidly increasing population growth.
Investors are making their purchase in the outer suburbs, like Melton because there is an improving infrastructure and of course it is still very affordable. This makes it very attractive and a seemingly smart investment choice, as outer suburb homes will continue to have almost guaranteed growth in value.
Owner occupiers are starting to make the switch to outer city suburbs, particularly families because of the bigger homes and bigger blocks to bring up their growing families. (Higher demand, prices go up because of competition)
As the outer suburbs become ever so popular, the price of property in the outer suburbs will more than likely increase in value. (Domino Effect)
While the outer city suburb market is still very affordable you should make your move! If you’d like to know more, or if you have any questions regarding buying, selling or investing in the Melton area call or email us at any time!
Ph: 9743 6400
E: admin@ryderrealestate.com.au
Source: Heraldsun.com.au, domain.com.au
