Real Estate

Croydon units notch impressive growth

Written by The ReReport
As seen in the Source link, written by on 2019-01-23 21:19:16

Croydon units were among Melbourne’s property growth stars in 2018.

First-home buyers’ hunger for affordable pads in Melbourne’s east have placed Croydon units among Melbourne’s property stars.

Croydon’s median unit price jumped 4 per cent from $565,250 to $587,750 in 2018, Victoria’s peak real estate body found.

It was the 11th highest jump in median unit price recorded across Melbourne last year, according to the Real Estate Institute of Victoria’s latest data.

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It has a $470,000-$510,000 price tag.

Jellis Craig Ringwood agent Ash Thompson said Croydon units defied the market downturn thanks to their price bracket sitting in first-home buyers’ sweet spot.

“Investors and developers are going out of the market but first-home buyers are still buying and seeing good value in Croydon,” Mr Thompson said.

“That’s why the unit market was so strong.”

It has a $690,000-$750,000.

Topping the list for growth was Frankston, which recorded an 11.9 per cent jump to its median unit price in 2018, taking it from $397,500 to $445,000.

Overall, Melbourne’s median house price increased 1.4 per cent to $826,500, a $11,500 increase, and unit prices were up 1.8 per cent, jumping from $586,500 to $597,000.

REIV president Robyn Waters said despite last year’s sluggish auction clearance rates, a drop in property sales and low market confidence, vendors still got good prices when they did sell.

“It might take a bit longer to sell and you might have to put in a bit more effort, but the big picture is showing that house prices have increased slightly in Melbourne over the past 12 months,” Ms Waters said.

“The top 20 star suburbs of 2018 were all in the outer ring … new transport infrastructure including Skyrail and the Monash Freeway widening are likely to have been a factor in this growth.”

Mr Thompson tipped Ringwood, Ringwood East and Heathmont as 2019 hot spots for buyers seeking a unit.

“Croydon is selling pretty much the same as it was six months ago but Ringwood, Heathmont and Ringwood East were selling for quite a bit more,” he said.

“There could be some really good value for money compared to six or 12 months ago.”

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