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Market Wrap, Residential

Melbourne’s best performing real estate

What would you expect is Melbourne’s best performing real estate?

According to new data from the REIV, two-bedroom homes are out-performing all other property types, including three and four-bedroom homes.

The report shows the citywide median price for a two-bedroom house increased 17% in the past 12 months to $891,500.

There are some suburbs where two-bedroom homes are doing exceptionally well, and a majority are north of the city. Glenroy, for example, experienced the largest jump of two-bedroom median house prices, with a 39% boost to $675,000 in the past year.

Other suburbs with strong two-bedroom house price growth include Fitzroy North, Reservoir, and Kensington. These suburbs, along with Glenroy, have a number of new builds and older style two-bedders which are primed for an upgrade.

According to our agents in the inner north, the huge price growth is being driven by a resurgence in demand for single fronted homes with land value and outdoor space on offer, setting them apart from two-bed apartments.

If you’re in the market for a two-bedroom house prepare to face hot competition on auction day from a broad range of buyers, including downsizers, DINKs and young professionals looking to secure themselves a prime piece of real estate.

Market Wrap, Residential