The local property market finished on a significant high in 2019, and the start to this year looks no different.
Racing all the way to the finish line, our final two auctions for last year were held on December 21. Both properties – 26 Railway Road, Carnegie ($1.73 million) and 499 Neerim Road, Murrumbeena ($1.655 million) – enjoyed strong, competitive bidding from multiple parties and sold well under the hammer, exceeding reserve prices and vendor expectations.
According to the latest results from the REIV, Carnegie enjoyed a 20.4 per cent increase in median house price value during the last three months of 2019 –to reach a new record median high of $1.548 million – almost double metropolitan Melbourne’s median price of $860,000. Similarly, Carnegie’s apartment market reached a record high median of $737,000 in the December 2019 quarter.
Buyer interest was sustained over the holiday season with several successful off-market sales taking place through late December and into January. Open for inspections on properties that had not sold prior to Christmas attracted huge attendance numbers in early January and all properties were snapped up.
Slightly relaxed lending criteria may be contributing to the current increase in interest and competition for family homes at all levels. Many buyers are upsizing within the 3163 postcode from villas and apartments that have seen good increases in value.
Regardless of market movement, our area continues to attract perennial buyer interest due to its friendly neighbourhoods, access to all modes of public transport, great schools and vibrant shopping precincts.
The Carnegie Woodards team is always available to provide expert advice or have a friendly chat about the market, so please be in touch if we can help with any of your real estate needs in 2020.