Bullengarook's market is defined by space and scarcity in equal measure. Three and five-bedroom homes have accounted for the activity this year, seven sales combined, with volumes too low in either bracket for a dependable median or clearance rate.
Recent sales here have ranged from just over a million dollars to well above three million, reflecting a market built on large blocks and premium acreage properties rather than a typical suburban mix. With 92 per cent of homes owner-occupied, very little comes onto the market in any given month, and what does list tends to attract considered rather than casual interest.
Buyers drawn to Bullengarook want genuine privacy, established gardens and room for the kind of entertaining spaces increasingly in demand across the wider area. For sellers, the trade-off for owning in such a tightly held pocket is a smaller but highly engaged pool of buyers when the right property does come up.
Median sale price for houses in Bullengarook is $1,355,000
Properties sold for houses in Bullengarook is 10, up 42.9% from last year.
Auction clearance for houses in Bullengarook is 75.0%, up 50.0% from last year.
Wondering what homes are actually selling for locally? Browse recently sold properties in the area
Good property management should remove uncertainty, not create more of it.
If you're considering engaging a property manager, one of the first questions you're likely to ask is: how much does property management actually cost?
Owning an investment property and owning a good investment property are not necessarily the same thing. It’s an important distinction, and one that property investors should revisit regularly.
The Reserve Bank's decision to leave the cash rate on hold at 4.35 per cent is welcome news for buyers, sellers and businesses alike. While it's not a silver bullet for Melbourne's property market, it should provide some reassurance that the aggressive phase of the interest rate tightening cycle may be easing.
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