The Inner North West, your money is safe. May 2005 RETURN
We have long banged the drum of the inner city market relating to the North/West corridor. The latest property figures suggest we have been spot on with strong performances in North Melbourne, Kensington & Flemington. The Median House Prices for the March Quarter have been released by the Real Estate of Victoria. The statistics state that while Melbourne dropped 4.9% on average, all three suburbs had significant gains in property values. Lets have a look at the some of the new Median Values and the rate of change from the Dec 2004 Quarter. North Melbourne $457,750 up 30.8% Kensington $425,000 up 8.3% Flemington $417,000 up 19.1% Black Rock $775,000 down 10.7% Templestowe $480,000 down 18.2 % Thornbury $335,500 down 3.4% Whilst this is a very brief snapshot the whole report endorses our recent recommendation that the market had over corrected and suburbs with high demand indicators would recover quickly and leave some areas in their wake. We don’t see this as a one off instance yet a trend that will continue in general. Individually anomalies in the market will occur but will be over shadowed by basic market fundamentals in more traditional times. These suburbs will continue to be bolstered by demand from an explosion in professional employment both there and in the Docklands precinct, as well as the major development occurring on North/West fringe of the CBD. These figures are not to be read with a shrug, on average the suburbs performed 24.3% better than the Melbourne Average. Should you wish to discuss the opportunities for prudent investment in the district please contact Jason Marston personally on 9381.9381
We have long banged the drum of the inner city market relating to the North/West corridor. The latest property figures suggest we have been spot on with strong performances in North Melbourne, Kensington & Flemington. The Median House Prices for the March Quarter have been released by the Real Estate of Victoria. The statistics state that while Melbourne dropped 4.9% on average, all three suburbs had significant gains in property values. Lets have a look at the some of the new Median Values and the rate of change from the Dec 2004 Quarter. North Melbourne $457,750 up 30.8% Kensington $425,000 up 8.3% Flemington $417,000 up 19.1% Black Rock $775,000 down 10.7% Templestowe $480,000 down 18.2 % Thornbury $335,500 down 3.4% Whilst this is a very brief snapshot the whole report endorses our recent recommendation that the market had over corrected and suburbs with high demand indicators would recover quickly and leave some areas in their wake. We don’t see this as a one off instance yet a trend that will continue in general. Individually anomalies in the market will occur but will be over shadowed by basic market fundamentals in more traditional times. These suburbs will continue to be bolstered by demand from an explosion in professional employment both there and in the Docklands precinct, as well as the major development occurring on North/West fringe of the CBD. These figures are not to be read with a shrug, on average the suburbs performed 24.3% better than the Melbourne Average. Should you wish to discuss the opportunities for prudent investment in the district please contact Jason Marston personally on 9381.9381