Market trend – Three bedroom homes outperform in Melbourne
By Advantage Property | 11th Jul 18
Suburbs in the outer growth region have been experiencing the strongest growth with space becoming a premium in Melbourne.
The price growth in the property market has seen an influx of owner occupiers over the last few years.With this demand in mind, family homes or larger properties have risen showing that the citywide increase of the Melbourne median price has grown 2.6 percent.
Suburbs in the outer growth region have been experiencing the strongest growth with space becoming a premium in Melbourne. Families looking buy are considering established suburbs in the outer ring of Melbourne to cater for their needs and affordability. This has been reflected in suburbs such as Hampton, Ringwood East, Melton South and Glenroy to name a few of the high performers this year.
With the various changes in density and height restrictions, the increase demand from developers competing with first home buyers or owner occupiers has caused this “bridesmaid” effect where families are being priced out in the inner and middle rings suburbs in Melbourne.
The demand for land space and for the traditional backyard is still strong in outer areas pushing the demand of three bedroom property types north.
If you are in the market for a three bedroom family home in Melbourne, now may be the time to speak to us to see how we can support you with off market opportunities or negotiation tactics. If we believe the trends, the pricing of three or four bedroom homes on larger blocks will be in demand for some time.
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