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Underlying Demand Fuels Strong Start To Property Market

Category: Buying, Landlords, Selling

The property market across Northcote, Thornbury and surrounds has experienced a strong start to 2020. The latest REIV data reveals the continuing popularity of these areas, with Northcote’s median house price jumping 10.4 per cent in the December quarter, to $1.48 million. The median house price for Thornbury in December rose by 13 per cent, to $1.24 million. The average house price across metropolitan Melbourne is $860,000.

The teams across Woodards Northcote, Woodards Thornbury and Woodards Preston/Reservoir are witnessing high levels of buyer enquiry across all areas and for all property types. At our first open for inspection for the year, more than 50 groups attended. The local market has certainly recovered from its dip in late 2018/early 2019. With APRA having relaxed its lending rules and interest rates at historic lows, we can only see this year’s market going from strength to strength.

Buyers are attracted to the location and lifestyle on offer in suburbs such as Northcote, Thornbury, Reservoir, Preston, Alphington and Fairfield, with their excellent schools, proximity to the city and easy access to public transport, parks and bike tracks. Detached houses continue to be very popular with buyers, however townhouses, units and apartments are also keenly sought after, with location trumping property type for many of today’s purchasers.

Several recent sales attest to the strength of the market in Melbourne’s inner north. Our team recently sold 5 Wilcox Street, Preston – a very well presented, three year old, 4 bedroom home – for $1.49 million. Another strong sale was at 13 Hopetoun Street, Northcote. This 4 bedroom town residence opposite All Nations Park and a stone’s throw from Northcote Plaza attracted multiple bidders at auction, selling under the hammer for $1.625 million.

Looking to the autumn property market, it is our expectation that buyer enthusiasm will intensify. If you are considering an autumn sale, now is the time to start preparing your property to present it in its best light. With Easter and the school holidays to consider, it’s important to seek early advice about auction dates in order to maximise the success of your campaign.

If you would like to discuss the state of the market in Melbourne’s inner north, or to enquire as to the current value of your property, please contact us directly at Woodards Northcote.