March Property Market Review for VIC 2014

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Thank you to Therese O’Neill from Alphabroker, I wanted to share this months NSW Property Review.

The following information was also sourced from Herron Todd White March Property Report

The good news continues for VIC  this month…. See Highlights below of HTW’s opinion on the Sydney residential market.

  • The second home buyer trade up market is centred on a price range between $550,000 and $850,000.
  • Demographically these markets are predominantly professional couples in their 30s to 40s often with children trading up from their first homes to family homes or superior locations.
  • The middle ring suburbs provide larger allotments with larger houses and more amenities, while inner suburb trade ups provide smaller allotments and housing traded off by better locations and period housing.
  • The middle and inner suburbs of Melbourne continue to show strong growth as indicated by the final quarter of 2013.
  • Second home buyers with families are attracted to suburbs of good location and access to good schools with larger lot sizes and houses.
  • School zoning and performance can strongly influence the demand for suburbs within this market and increase demand on properties within these zones.
  • Suburbs within the middle ring and inner ring are predominantly well serviced by the Melbourne public transport system as well as shops, conveniences and the CBD.
  • Trade up properties in Seddon are typified by 400 to 500 square metre allotments with 3-bedroom double front Victorians.
  • The median sale price for the suburb is $812,500 with 62.7% of properties in Seddon owner-occupied.
  •  The Coburg second home buyers market can be generalised as providing 1920s Californian bungalow style housing with 3- to 4-bedrooms on a 350 to 450 square metre allotment.
  • Owner-occupiers account for 68.5% of Coburg property owners.
  • Blackburn second home buyers within the $550,000 to $850,000 price bracket could expect to achieve a 3- to 4-bedroom circa 1960s home on a 650 to 750 square metre allotment.
  • The median house price for Blackburn is $790,000 and 77.9% of properties are owner-occupied.
  • Oakleigh has a median house price of $830,000 and buyers in the second home market could expect to purchase a 3-bedroom, 2-bathrooms, circa 1950s style house on 550 to 650 square metres of land.
  • Just over 70% of Oakleigh properties are owner-occupied.

“If you find this information of value and would like me to keep you up to date with any events or information, please connect. Would be happy to welcome you to our community.”

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Jeff Suter

Managing Director at Dark Horse Financial
Jeff is a long term property investor and provides clients with both residential and commercial finance strategy for a living.

One response to “March Property Market Review for VIC 2014”

  1. Luisa says:

    Great website you have here but I was curious about if you knew of any community forums that cover
    the same topics talked about in this article? I’d really like to be
    a part of community where I can get comments from other knowledgeable individuals that share the same interest.
    If you have any suggestions, please let me know. Cheers!nn1

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