Investing in real estate in Beverley Park could seem like an increasingly attractive prospect, as the latest CoreLogic RP Data Hedonic Home Value Index reveals double-digit price growth across the Harbour City. January figures show property prices were up 10.5 per cent from a year earlier, meaning the median dwelling price now stands at $776,000.
Taking a closer look at local data is essential when making any property purchase, especially if you’re hoping to make short- or long-term gains out of it. The data shows that Sydney’s property prices were up 0.5 per cent from December 2015 levels, but down 2.1 per cent from the previous quarter.
CoreLogic RP Data, head of research Tim Lawless, indicated that as some prices see a temporary blip, now could be a good time to think about buying in the NSW capital.
“Sydney dwelling values have reduced by 0.6 per cent between July last year and the end of January 2016, compared with a three per cent rise across Melbourne dwelling values,” he commented.
The latest Residential Property Price Index from the Australian Bureau of Statistics showed that in the September quarter of 2015, Sydney’s dwelling values increased 19.9 per cent. Melbourne ranked in second place with 9.9 per cent growth.
It won’t be until further statistics are released that the longevity of this trend can truly be assessed. However, if you have been holding back on buying real estate in Beverley Park, current market conditions could just make it that little bit easier.
Make sure you speak to the team at Ray White Carlton for some expert advice on your next property investment. With years of experience in the local market, we can offer you guidance on how the market is performing before you take the plunge.