Wonga Park is naturally tightly held, and this month the shortage of listings is even more pronounced. Prices have eased six to seven per cent across the area, but low supply is keeping the market steadier than the headlines suggest and favouring committed sellers.
Owners are hesitating, held back by winter and the uncertainty around auctions. That caution keeps stock scarce and supports those who decide to list. Lower-priced homes and larger sites with potential are drawing the strongest interest.
A wave of listings is expected in spring, possibly an oversupply. For committed sellers, moving now while supply is tight is the sensible play, and time is currently on your side.
Median sale price for houses in Wonga Park is $1,650,500, up 11.9% from last year.
Properties sold for houses in Wonga Park is 50, down 9.1% from last year.
Properties sold for units in Wonga Park is 1
Auction clearance for houses in Wonga Park is 25.0%, down 16.7% from last year.
Av days on market for houses in Wonga Park is 28, down 67.1% 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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