If you have been waiting for the right moment to upsize, Kensington's numbers are worth a close look. The step from a two-bedroom house at $910,000 to a three-bedroom at $1.2 million is roughly $290,000, and the step from three bedrooms to a four-bedroom home at $1.495 million is almost identical. Those are manageable gaps by recent standards, and they are the reason upsizers are the most interesting buyer group here this month.
The cottages and townhouses that give Kensington its character sit right in that path. Two and three-bedroom houses are both clearing in the mid 60s and selling in around five to six weeks, so there is genuine liquidity where most people are selling from.
The four-bedroom end is thinner, clearing at 54 per cent over roughly seven weeks, so buying up requires patience while selling below stays comparatively straightforward. For anyone trading up within the suburb, that combination works in your favour.
Median sale price for houses in Kensington is $1,130,000, up 8.2% from last year.
Median sale price for units in Kensington is $480,000, up 0.0% from last year.
Properties sold for houses in Kensington is 153, down 5.6% from last year.
Properties sold for units in Kensington is 127, up 0.8% from last year.
Auction clearance for houses in Kensington is 67.6%, down 1.3% from last year.
Auction clearance for units in Kensington is 75.0%, up 65.0% from last year.
Av days on market for houses in Kensington is 41, up 10.8% from last year.
Av days on market for units in Kensington is 32, down 3.0% from last year.
$1,295,000
$1,242,500
$1,130,000
$1,100,000
$880,000
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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