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Advice, Market Wrap

Melbourne’s outer suburbs are top of mind for house hunters

After ending 2017 with a bang and achieving superb clearance rates, Melbourne’s outer suburbs are expected to hit the ground running this year. 

CoreLogic data shows the outer north boomed in the December 2017 quarter, with Mernda securing the top spot as Australia’s strongest suburb at auction – an average clearance rate of 92.5%. Other top performers were Sunbury (87.3%), Pakenham (87.3%), Hopper Crossing (82.3%), Werribee (81.2%) and Point Cook (80.9%).

The popularity in the outer suburbs is evident with price growth too. Over half of the suburbs which experienced the biggest price growth in 2017 were at least 17km from the CBD.

For instance, the Mornington Peninsula saw prices lift by 17%, while Melbourne’s northwest experienced a median house price rise of 18% in the past year. 

As the market kicks off following the Australia Day long weekend, stock levels are healthy across the board, with close to 40% of hockingstuart’s auctions this month located in Melbourne’s outer fringe. Evidently, the success in the outer suburbs will continue into 2018.

As we look forward to 2018, best of luck to all home hunters!

Advice, Market Wrap