Croydon North's shortage of homes for sale is the defining feature this month. Prices have eased six to seven per cent, but low supply is holding the market steadier than the media noise would suggest.
Lower-priced homes and properties with development potential are seeing the strongest demand. Owners are hesitating on the back of winter and uncertainty around auction results, and that hesitation keeps stock tight.
A wave of spring listings is expected, possibly an oversupply. For owners committed to selling, moving quickly while supply is low is the smart play. Those buying and selling in the same market will find the numbers balance out in their favour.
Median sale price for houses in Croydon North is $1,083,250, up 10.5% from last year.
Median sale price for units in Croydon North is $708,190, up 6.1% from last year.
Properties sold for houses in Croydon North is 122, up 14.0% from last year.
Properties sold for units in Croydon North is 46, up 64.3% from last year.
Auction clearance for houses in Croydon North is 52.2%, down 31.5% from last year.
Auction clearance for units in Croydon North is 100.0%, up 50.0% from last year.
Av days on market for houses in Croydon North is 24, up 0.0% from last year.
Av days on market for units in Croydon North is 16, down 40.7% from last year.
$1,650,500
$1,180,000
$1,083,250
$950,000
$920,000
Wondering what homes are actually selling for locally? Browse recently sold properties in the area
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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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