Surrey Hills' apartment market is a genuine standout, clearing at 87.7 per cent, up 9.1 per cent on last year, one of the strongest results anywhere in this update. House sales are up too, 5.9 per cent this year, even as the median has eased 3.8 per cent to $2,020,000.
Days on market for houses have stretched to 55, up 27.9 per cent, reflecting buyers who remain genuinely cautious even as the underlying opportunities for those ready to act have clearly improved. Downsizers remain the dominant buyer type, and family homes continue to be desirable across the suburb.
With stock levels up and buyers and vendors increasingly meeting the market, Surrey Hills is showing real signs of the optimism among owner occupiers that's building steadily across this part of Melbourne's inner east right now.
Median sale price for houses in Surrey Hills is $2,020,000, down 3.8% from last year.
Median sale price for units in Surrey Hills is $835,000, up 0.0% from last year.
Properties sold for houses in Surrey Hills is 179, up 5.9% from last year.
Properties sold for units in Surrey Hills is 106, down 1.9% from last year.
Auction clearance for houses in Surrey Hills is 67.6%, down 3.5% from last year.
Auction clearance for units in Surrey Hills is 87.7%, up 9.1% from last year.
Av days on market for houses in Surrey Hills is 55, up 27.9% from last year.
Av days on market for units in Surrey Hills is 36, down 12.2% 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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