Preston's period homes, the High Street shops and station access keep demand steady this month. Buyers are drawn by the character stock and the value relative to the inner north, and those attending opens tend to know the area well.
The market is measured. Buyers are comparing carefully and making considered offers in line with recent sales, so realistic pricing converts interest into results. Period family homes and townhouses are both seeing interest.
Owners who present their homes well and price to recent comparable sales are achieving results. In a considered market, preparation and realistic pricing make the difference.
Median sale price for houses in Preston is $1,065,000, down 0.5% from last year.
Median sale price for units in Preston is $529,000, up 1.7% from last year.
Properties sold for houses in Preston is 520, up 7.4% from last year.
Properties sold for units in Preston is 420, down 1.2% from last year.
Auction clearance for houses in Preston is 67.6%, down 1.8% from last year.
Auction clearance for units in Preston is 71.2%, up 13.6% from last year.
Av days on market for houses in Preston is 50, up 19.0% from last year.
Av days on market for units in Preston is 35, down 7.9% 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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