Croydon is a reasonable place to sell this month, and that surprises people. Prices have come down six to seven per cent, but there is a real shortage of properties for sale, and low supply is keeping the market steadier than the headlines suggest.
Owners are hesitating, partly due to winter and partly because of the media noise around auction results. When there is confusion, owners tend to wait and see. That is likely to produce a wave of spring listings, possibly an oversupply.
If you are committed to selling, acting quickly makes sense while stock is scarce and time is on your side. Strong demand for development sites and lower-priced homes continues.
Median sale price for houses in Croydon is $920,000, up 7.6% from last year.
Median sale price for units in Croydon is $685,000, up 7.0% from last year.
Properties sold for houses in Croydon is 493, up 8.6% from last year.
Properties sold for units in Croydon is 245, down 2.4% from last year.
Auction clearance for houses in Croydon is 67.5%, up 11.5% from last year.
Auction clearance for units in Croydon is 81.3%, up 13.8% from last year.
Av days on market for houses in Croydon is 21, down 22.2% from last year.
Av days on market for units in Croydon is 16, down 30.4% 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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