A string of popular spots are cheaper than a year ago – but in other neighbourhoods,prices are only getting more expensive.
There are more opportunities for buyers now than a few years ago in an end to the boom that had pushed prices to unaffordable levels.
Amid a widespread rental crisis,a handful of neighbourhoods bucked the trend.
Some investors have been deterred by higher taxes,but others are snapping up properties in cash in inner-city suburbs.
When Essendon director Andrew Muir sold his Toorak house for $28m+ he bought a Flinders spread and a Carlton terrace. Now he’s offloaded the pied-à-terre.
Families bought in years ago,and loved the neighbourhood so much they stayed - sometimes for decades.
Since mid-last year,local economic conditions,plus the affordability and lifestyle factors,have sparked a turnaround in property in regional Australia.
“It’s a very,very special home,” the agent said. “People who weren’t actually considering buying in the inner west,were actually considering this house.”
The three-bedroom family home attracted 12 parties at auction,where the agent joked the burger joint down the road was worth an extra bid.
Nearly every Melbourne suburb recorded a rise in rents over the last year,but some soared higher than their neighbours.
Instead of moving to the coast for the lifestyle,there’s a wave of city dwellers being pushed to the regions due to the cost of living.