Above-average rises in property values are driving a spike in listings in key Melbourne suburbs, according to new figures.
Doncaster heads the list of suburbs where owners are queuing up to sell, says CoreLogic RP Data. Property listings in the suburb are up 41 per cent on the same time last year. The median sale price has risen 15.5 per cent in that time, well in excess of the Melbourne average of 8.3 per cent.
It is a similar story in Heidelberg Heights, where listings have risen 33 per cent and the median sale price has lifted 14 per cent.
Burwood East was third on the list, where the number of properties for sale has increased by 30.9 per cent. Sunshine, Forest Hill, Preston, Parkdale, Vermont South, Glen Iris and Altona North round out the property market analysis firm’s top 10.
“The common factor in each case is an above-average rise in the median selling price,” CoreLogic RP Data’s Victoria housing market specialist Robert Larocca said.
“Now of course there are exceptions to this, for instance Bayswater has seen a 17 per cent fall in listings and 11.5 per cent rise in the median selling price but the in the majority of circumstances strong local markets encourage owners to sell.”
Mr Larocca said only suburbs within 30km of the CBD were considered because, in newer suburbs, the high rate of listings was a factor of developers’ centralised decision making rather than the individual decisions of hundreds of owners to sell.
It comes as property price growth continues to moderate according to CoreLogic RP Data’s figures for November.
“Although combined capital city home values increased by a healthy 8.5 per cent over the 12 months to November, the annual growth rate is now at its lowest level in the year,” research analyst Cameron Kusher said.
The figures suggested most of Australia’s capitals had moved past their cyclical peak, he said.
“Importantly, this has become apparent in the two largest capital cities; Sydney and Melbourne, where annual value growth peaked at 16.7 per cent in April and at 11.9 per cent in January respectively,” he said.
“Although Sydney and Melbourne appear to have moved through their peaks, capital growth in these two cities has consistently been the main driver of value growth over the past 12 months.”
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