You don’t need to be a real estate guru to have heard a few things about Melbourne’s falling house prices. However, amid the tales of woe, there’s a very real silver lining for the outer Melbourne suburbs where prices are on the rise.
The ABC recently quoted some analysis predicting a 10% drop in Sydney, Perth and Melbourne house prices through to the middle of 2020. Despite the doom and gloom in inner Melbourne, there’s good news emerging for the outer suburbs. Real estate experts Domain recently reported that whilst inner city Melbourne prices were declining, outer Melbourne suburbs like Wollert, Whittlesea, Brookfield, Harkness, Officer, Beaconsfield and Lynbrook are going against the trends, with figures showing marked price increases.
If you’re already living in one of these areas and waiting for the right time to downsize, this could be that moment. With property prices up and bucking the trends elsewhere in Melbourne, you could downsize today and enjoy real financial freedom and amazing resort style facilities at one of 18 Lifestyle Communities in Melbourne’s outer suburbs.
The new Domain House Price Report data, released in early May, identified significant year on year price increases in more than 20 of Melbourne’s outer suburbs. In the northern suburbs, the data reports a 15% increase in the median house price for Whittlesea and a 9% improvement for Wollert. In the west, Brookfield and Harkness experienced between a 9-10% increase over the past 12 months. And in the south eastern suburbs, house prices in Officer and Beaconsfield grew by 7% on last year. If you look at the numbers over the past five years, it’s even more promising for homeowners with these suburbs all experiencing median house price rises between 47-67%.
When you compare these promising figures with inner Melbourne suburbs such as South Melbourne, Caulfield North, Fairfield and Canterbury, which each fell 21%, a picture emerges of real financial incentive for those who are considering selling their home in the booming outer suburbs of Melbourne. Furthermore, with the Liberal party’s election promises to make it easier for new home buyers to buy their first home, it could be an even better time to consider selling your family home.
Lifestyle Communities offer fantastic opportunities to purchase a home in a secure, vibrant community of over 50s, typically at 75% of the median house price in that suburb. With brand new homes now selling at Lifestyle Wollert and Lifestyle Kaduna Park (in Officer South) from $250,000 and homes available at Lifestyle Brookfield from $245,000 you may discover that a life of 5-star luxury is more affordable than you first thought. With no stamp duty, conveyancing fees, or ongoing council rates to pay there’s never been a better time to downsize to a bigger life and enjoy the fruits of your hard work.