STRENGTH IN NUMBERS

Market Updates

Melbourne house prices have been increasing steadily and positively over the last two decades – in fact, they have multiplied five fold.  Data from the Victorian Valuer-General shows the average Melbourne house has increased in value by $300,000 since 1995. This increase has occurred in country Victoria also, with an increase of 164% in the past ten years.

Here at Chisholm & Gamon we are pleased to report that urban Melbourne has also gone from strength to strength (‘course)! There have been some areas of oversupply in outer suburban locales, but this has not stopped the ever-increasing value of Melbourne property.  According to RPData, dwelling prices have increased by 7.8% in the last year.

So what’s the reason behind Melbourne’s property-value good fortune? It sure does help living in the most liveable city in the world (three times running we might add)! With our population continuing to increase, Melbourne has the largest growth of any Australian city. Did you know that the population of the City of Melbourne has doubled since 2000? (Ahhh – so that’s why Hoddle Street is so difficult to navigate….)

It is noted time and again that some of the best suburbs to invest in are those in the inner and middle rings of the city. Well-located properties will always be in strong demand from a growing population. No matter when a property is purchased (judiciously), you’ll find that within a few short years it will have grown in value, appearing inexpensive and a good investment. With a shortage of land and an increasing population – the sooner you become involved in the property market, the sooner your property will be increasing in value.  

The proximity of your investment to public transport is an important factor to consider, especially with fuel costs set to increase. Also consider buying eco-friendly homes, as energy efficient residences will be popular due to electricity, gas and water costs will increasing over time. 

Whether you buy at auction or private sale, now is the time to get started on your financial resolution to buy a home or make an investment – so let us at Chisholm & Gamon help you find your dream home.