Upgrader market set to be strong in Melbourne’s leafy north-eastern suburbs in 2012: Jellis Craig
Couples and families are increasingly upgrading in the eastern Melbourne municipality of Manningham, according to Jellis Craig.
Jellis Craig Doncaster director Andrew Keleher says open for inspections at houses favoured by this demographic have been very well attended, pointing towards a strong market in 2012.
“Going forward we have identified two particularly strong markets. Three- to four-bedroom houses in the range of $650,000 to $750,000, for young couples moving to the area,” Keleher says in Jellis Craig’s Annual Property Review.
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Source: Jellis Craig Annual Property Review
“At a recent opening we saw 96 groups in just 30 minutes, the most intense traffic at a single viewing in two years.
“We have also found a very strong resurgence back to the acre homes through the Donvale and TEMPLESTOWE area. Many of these buyers are looking to relocate from the inner city and recognise the family lifestyle benefits of these areas, which offer great value without a big mortgage.”
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Source: Jellis Craig Annual Property Review
Keleher says prices dropped in Manningham in 2011, but he says this increased affordability and the area remains popular.
“Buyer sentiment in the Manningham market has remained particularly positive, buoyed by talk of a new rail link, great schools and very affordable housing.
“In 2011 we saw some decline in value, but this in turn generated a perception of affordability and introduced many new buyers to the area."