Real Estate

Maroondah to offer buyers bang for their buck in 2019

Written by The ReReport
As seen in the Source link, written by on 2019-01-09 12:13:37

Househunters will get more bang for their buck in a stabilising Maroondah market this year, according to local agents.

The market slowdown last year followed years of runaway price growth, opening the path for those hoping to get a foothold on the property ladder.

Agents said buyers would be in the box seat in 2019, with savvy investors and renovators likely to re-enter the market.

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Noel Jones Ringwood and Croydon director Mike Muncey said “overall it will be a stable and more predictable year” with opportunities for well-prepared buyers.

“Understand property as an asset class is a long-term decision and be clear on your goals,” he said.

“The current environment offers significant opportunities to upscale, downsize, invest or simply get on the property ladder.”

Mr Muncey said the property market would be in the spotlight in 2019, with the conclusion of the banking royal commission, debate about negative gearing during the federal election and continued commentary about home prices.

Barry Plant Heathmont director Louise Carrigg said buyers with value at the top of their list were in the perfect market.

“Unit prices are reasonable again and for those looking to renovate and add value to a property there are great properties on offer that a year or so ago would have been selling at very high price points for land value alone,” Ms Carrigg said.

Maroondah’s median house price grew just 1.2 per cent to $840,000 in the 12 months to September, CoreLogic figures show.

Unit prices performed better, increasing 5.1 per cent to a $580,000 median.

During the same 12 months in 2017 house prices gained 12.9 per cent and unit prices leapt 9 per cent.
Ms Carrigg said sellers should also gain comfort in the current market, with genuine buyers ready to move fast.

“We know that the buyers on the ground are good quality buyers that want homes within the area,” she said.

“We don’t have a lot of browsers around, meaning the buyers we meet are genuine and generally ready to buy within a three to six month time frame.”

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