Essendon's market has split sharply this month. Two-bedroom houses are clearing at 70 per cent in just 27 days, and one-bedroom units are moving at 90 per cent. At the other end, four-bedroom houses have slowed to 52 per cent and are taking around 11 weeks, with five-bedroom homes at 50 per cent.
The read for owners depends entirely on what you are selling. An entry or mid-level home is meeting genuine competition. A large or premium family home needs a realistic price off recent comparable sales and a longer campaign, not a figure that tests the market.
Rose Street, Keilor Road and the heritage streetscapes keep Essendon's underlying appeal strong. The buyers are there, but at the top end they are measured and value-focused.
Median sale price for houses in Essendon is $1,679,500, up 12.0% from last year.
Median sale price for units in Essendon is $493,750, down 3.2% from last year.
Properties sold for houses in Essendon is 296, up 6.9% from last year.
Properties sold for units in Essendon is 290, up 10.3% from last year.
Auction clearance for houses in Essendon is 66.8%, up 5.6% from last year.
Auction clearance for units in Essendon is 69.9%, up 13.2% from last year.
Av days on market for houses in Essendon is 50, down 20.6% from last year.
Av days on market for units in Essendon is 34, down 19.0% 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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