8 May 2013
Good news for unit sellers as median prices climb Demand for quality units and apartments across Melbourne shows no sign of abating, with new figures from RP Data indicating a rise in median unit prices to $433,500 last month. First home buyers are increasingly looking to purchase modern 2 bedroom apartments that enjoy good proximity to shops, cafes and transport. In Melbourne’s inner suburbs, competition at auction for these properties is heating up, with many such properties experiencing strong bidding from multiple buyers. Investors are also pushing the market, as they look to secure good quality apartments before prices and competition escalates further. With many analysts suggesting the interest rate cycle has not yet bottomed out, we can expect to see more buyers and investors propelled into the market over the next couple of months which is great news for property owners who’ve been thinking about selling. With clearance rates consistently sitting above 70 per cent and prices climbing, now is a terrific time for sellers to prepare to bring their property to market. For a current market appraisal or to help get your sales campaign started, call us today.
Greg Hocking