Our Backyard – Aireys Inlet

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Million Dollar Listings

The cost of housing has continued to rise across most parts of the country over the past 12 months, pushing the proportion of homes selling for at least one million dollars to new record highs.  Bracket creep should come as no surprise in markets like Sydney and Melbourne where dwelling values have increased by 77% and 61% respectively over the past five years.  While the rise in housing values has been most pronounced in Sydney and Melbourne, most other capital cities and regional areas have also seen a proportional lift in home sales over the million dollar mark as reported by RP Data.

Over the 12 months to June 2017, 15.4% of all house sales and 8.8% of all unit sales nationally were at a price of at least $1 million.  By comparison, 12 months earlier 14.4% of all house sales and 7.5% of all unit sales were at least $1 million in value.

I can report that the Aireys Inlet branch of Great Ocean Road Real Estate has generated similar data from sales achieved during the 2016/17 financial year as the national average. We have seen 13.8% of our vendors properties transacted above $1 million dollars across Aireys Inlet, Fairhaven, Moggs Creek and Eastern View. Interestingly, as we are a regional area this data is in complete contrast to the national regional average. RP Data reports that across the combined regional areas the proportion of houses selling for at least $1 million was 4.1% in June 2017.

 

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Ben Jackson

ben@greatoceanroadrealestate.com.au

0437 380 706

 

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