Expectations of 2014 property values by John Hoskins.
Everyone wants a crystal ball. Everyone wants to be able to predict house prices for the coming year. Well if truth be told, even the most experienced economic minds cannot tell you where property values will be in 12 months. What we can say is values are rarely static and by Christmas will likely be different to today. Generally the outlook is positive, so prices should continue to grow, although maybe not at their current pace.
2013 finished with a far stronger market than we started with. Most price ranges experienced an increase, particularly in the $500,000 to $750,000 price bracket where the majority of first home buyers, investors and downsizers all seem to compete. This led to areas such as Mitcham, Nunawading and Forest Hill becoming hot property, with the subsequent overflow from increasingly desperate buyers ensuring price growth in Ringwood North, Ringwood East and Croydon Hills.
Acre properties have also gained in value, but not to the same degree as the lower end of the market, yet. As the market-leader in this area, we have had some wonderful lifestyle properties in Donvale, Park Orchards and Wonga Park priced from $800,000, with some top class homes up to $1,500,000. These represent great value when compared with properties only 10 minutes further into town.
There is also an interesting mix of properties coming on stream in the area. Apartments are becoming popular in both Doncaster and Ringwood, particularly when positioned close to shopping and transport. In breaking news, Hoskins Real Estate has been selected by the Victorian State Government to sell 9 unique sites for multi-storey apartment development near Eastland in Ringwood. These sites, worth over $1million each, will be an opportunity for developers to benefit from the extensive redevelopment taking place in central Ringwood – development that has already started. The new apartments built on these sites will overlook extensive parkland and bike/walking trails and be a stroll to the cafes and cinemas.
2014 looms as a very exciting real estate time for both buyers and sellers. There has never been a better time to consider your property situation. Hoskins Real Estate offer free advice, outstanding service and the best of the best properties for sale in Manningham, Whitehorse and Maroondah.