Whether you’re thinking of selling your home or an investment property, biting the bullet and choosing to sell is a big decision. After all, you want to make sure you’re selling at a time when property values in your area are high, but you also don’t want to miss out on any future big spikes in growth.
Here, we take a look at some of the Melbourne suburbs ripe for selling a house in 2018 to help make the decision a little bit easier.
House sales in Ascot Vale
Situated just 5 km north-west of the city centre, Ascot Vale is slated to be one of the most highly sought- after property markets in 2018. The average Ascot Vale property stays on the market for just 17 days so sellers can expect a quick turnaround when selling their home. With the number of people visiting properties in Ascot Vale far exceeding the state average, there is high demand for people looking to buy and rent property in the area.
- Housing price growth: 19.64%
- Median sale price: $1.1 million
- Median rental yield: 2.3%
House sales in Carrum Downs
With a reasonable median sale price for houses in the area, buyers are attracted to Carrum Downs’ affordability while sellers have enjoyed a big increase in value over the past year and solid rental yields. Property demand in the area looks set to continue into 2018, with houses flying off the shelves in just 23 days, which equals strong performance for a suburb that’s relatively far from the city at 36 km south-east of the Melbourne CBD.
- Housing price growth: 23.4%
- Median sale price: $500k
- Median rental yield: 3.8%
House sales in Caulfield
A limited number of available properties for sale, high demand for family homes, and infrastructure improvements led to high demand for properties in Caulfield and surrounding areas in 2017. Despite high average house prices, the suburb is tipped to remain a high-demand market in 2018, with an average of 886 visits per online listing for the area versus 871 state-wide – meaning it’s an opportune time for Caulfield owners looking to sell.
- Housing price growth: 11.54%
- Median sale price: $1.9 million
- Median rental yield: 2.0%
House sales in Diggers Rest
Located 33 km north-west of the Melbourne CBD, Diggers Rest is gaining attention for its affordable family housing. Despite its affordability, the suburb has seen a generous increase in house prices over the last 12 months. Rental yields are also reasonably high, making the area an attractive spot for investment buyers as well. And, with houses in the suburb staying on the market for an average of just 20 days, people looking to sell can expect a fast turnover.
- Housing price growth: 24.56%
- Median sale price: $424k
- Median rental yield: 4.0%
House sales in Frankston North
With house prices surging by as much as $100,000 over the last 12 months, Frankston North is among Melbourne’s top-performing suburbs. The traditionally working-class suburb is exploding in popularity, with an average of 1351 visits per online listing, far outweighing the state average of 871. Although house prices have grown significantly, they remain relatively affordable and rental yields are also healthy. The combination of affordability and growth potential makes Frankston North an attractive hotspot for potential homeowners and investment buyers alike.
- Housing price growth: 37.97%
- Median sale price: $452k
- Median rental yield: 3.7%
House sales in Jacana
With just 40 properties sold in Jacana in 2017, demand is especially high thanks to the area’s proximity (13 km) to the city. This is also reflected in the average number of listing views per property (1066), which far exceeds the state average of 871. Jacana has also seen enormous growth over the past year with property prices skyrocketing thanks to scarcity and high demand. Both Jacana and nearby Broadmeadows are tipped to be some of the hottest suburbs for buyers in 2018, with owners looking to make a very healthy profit when selling.
- Housing price growth: 25.63%
- Median sale price: $521k
- Median rental yield: 3.4%
Melbourne property sales in 2018 at a glance
Looking forward, the property market in Melbourne is expected to cool but not stagnate during 2018. This means some of the city’s highest growth suburbs could see prices growing by around 10-15% rather than the exceptionally high growth of 20-40% seen in some suburbs during 2017.
If you’re a property owner thinking about selling a house in Melbourne, this year could be the right time to take advantage of high prices and demand before growth begins to slow. Make a start by claiming your free online property value estimate from Upside. You’ll be sent an in-depth report detailing historic property sales in your suburb so you can see how property prices have been trending over time, as well as comparable sales information for homes similar to yours. All of this takes just 30 seconds to request, and can give you a good idea of what your home may be worth.
Thinking about selling? Request a free appraisal from an experienced Upside real estate agent.