Melbourne's Outer South East residential market is beginning to strengthen: HTW
The current state of Melbourne's Outer South Eastern market would currently be described as slowly strengthening, according to Herron Todd White’s latest May report.
The property valuation firm says that interest in suburbs such as Clyde, Officer and Pakenham are increasing.
“With continued population growth, current low interest rates as well as readily available land, residents are looking to newly developing suburbs such as Clyde, Officer and Pakenham for the relatively affordable land or established homes.
“This is especially true for first home buyers and young families who are looking for a dwelling as opposed to a smaller inner city apartment or townhouse with limited backyard.
“This area is described as a growth corridor, with prices for new residential land noticeably increasing over the past 12 months as detailed in the below graph,” the report stated.
Herron Todd White says that investments in public transports, shops and major roads are also increasing the popularity of the area.
“With the government’s commitment to infrastructure and investment in the region including public transport, shopping precincts and major roads, the popularity of the area is expected to continue.
“The main factor that could potentially have an effect on property prices within this region would be interest rates.
“Being that the area is made up of young families and first home buyers, a rise in interest rates may discourage buyers from getting into the property market which could slow the rise in property demand and as such have an impact on property prices.
“However with continued growth in our population, demand for property within the region is expected to remain, with performance expected to be slow but steady,” the report commented.
A four bedroom house at 23 Frankland Street, Clyde North (above) has been listed for between $680,000 to $740,000.
Similarly a three bedroom house at 12 Montevideo Lane, Clyde North (below) has been listed for between $440,000 to $460,000.
A three bedroom house at 3 Nokota Lane, Clyde North (below) was recently sold for $440,000.
Similarly a four bedroom house at 3 Glenelg Street, Clyde North (below) was recently sold in April for $525,421.
