According to the Hotspotting Price Predictor Index (PPI) for Spring 2023, Melbourne's housing market is showing promising signs of recovery.
The real estate landscape in Melbourne and its surrounding suburbs is witnessing a significant transformation as we transition into Spring, with a notable resurgence in local housing markets throughout the City of Casey with Berwick, Cranbourne and Clyde among the noteworthy suburbs.
Here we look into the key findings of this report and shed light on the changing dynamics of Melbourne's property market.
City of Casey is Leading the Greater Melbourne Comeback
The City of Casey has emerged as a prominent player in the Greater Melbourne housing comeback. The Hotspotting PPI, created by industry experts, analyses trends in sales volumes rather than relying solely on median prices and price indexes. Terry Ryder, Director of Hotspotting, emphasises the importance of using sales volumes data to understand the true state of the market.
Suburban Turnaround in Melbourne
Melbourne is now showing the promise of buoyancy, especially in its outer-ring Local Government Areas (LGAs). For instance, here in the City of Casey, we boast three rising and nine recovering suburbs among the 15 in Hotspotting's analysis.
Berwick, Cranbourne and Clyde have all seen rising median values, sale prices and sales volume over the past 3 years
Noteworthy Growth Markets
Several suburbs within the Greater Melbourne area have experienced significant growth. In our local area the suburbs include:
- Botanic Ridge with a median house price of $920,000
- Berwick with a median price of $865,000
- Endeavour Hills with a median house price of $800,000
- Clyde with a median price of $680,000
- Cranbourne with a median price of $645,000
- Doveton with a median price of $590,000
Additionally, Pakenham in the Shire of Cardina was rated # 15 in the Top 20 Suburbs most sought by first home buyers by PropTrack this month.
Houses like this one at 10 Keating Street, Pakenham that sold in 10 days have been popular with buyers
Australia-Wide Uptick in Sales Activity
The resurgence isn't limited to Melbourne alone. Across Australia, sales activity is on the rise, with seven out of 10 locations experiencing strong sales activity. Regional markets continue to remain robust, and there is a significant upturn in buyer demand in the eastern states' regional areas.
Melbourne's housing market is undergoing a remarkable transformation, with suburbs once in decline now experiencing resurgence and growth. This revival isn't exclusive to Melbourne alone, as the entire nation is witnessing a surge in sales activity, dispelling misconceptions about regional market stability.
As we move into the spring selling season of 2023, the real estate landscape in the City of Casey and Shire of Cardinia promises to be dynamic and full of opportunities for both buyers and sellers.
First National Real Estate Neilson Partners are well versed in the local real estate market having been industry leaders in the area for over 105 years. Please get in touch with our friendly team to begin your property conversation today.
