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Market Wrap

The west on the rise

New buyers are flocking to the western suburbs in droves as other metropolitan areas become out of reach. In fact, latest ABS statistics show Melbourne’s west ranked third nationwide for net internal migration, meaning there’s a huge volume of Victorians heading west.

Clearance for auctions in Melbourne’s western suburbs are now sitting at 79.6%, above the national average of 70.1%. Popular inner-west suburbs like Yarraville and Williamstown are leading the way, with houses spending less than 70 days on the market on average.

So, what’s encouraging those raised in the eastern suburbs to consider a move across town?

The long and the short of it is: proximity to the CBD, relatively affordable housing and the sense of community.

A little further out of town we’re seeing a more open market with property prices sitting below $500,000 in areas like Hoppers Crossing and Werribee. In comparison to the inner western suburbs where it’s becoming more difficult to find a family sized home for less than $1million, these suburbs offer great value for first home buyers and young families.

Hot competition from house hunters has meant that auctions continue to grow in popularity – be prepared to battle the crowds at open for inspections and come to any auctions with a clear plan of attack, and you’ll be in good stead to walk away the winning bidder.

Market Wrap