Manningham demand growing as sellers toast gains: CoreLogic
Infrastructure projects, great schools and buyer optimism are boosting sales and pushing prices up across Manningham, experts say.
It comes as CoreLogic has released its Pain & Gain report for the June quarter.
Manningham recorded 87.7 per cent profitmaking sales in that period, with the remaining 12.3 per cent recording a loss.
Of the profitmaking sales, the median profit was $600,000, the second highest median profit across all Melbourne municipalities, second only to the $644,000 median recorded for Boroondara.
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Barry Plant Doncaster East director Mark Di Giulio said Manningham always faced “very hot” demand with buyers, with coveted school zones and burgeoning infrastructure projects like the North East Link tunnel being built in Bulleen leading the way.
“Anyone that has a little bit of foresight and wants to get into the market before it booms — Bulleen is the place to be,” Mr Di Giulio said.
“Astute, savvy buyers — they’re buying in Bulleen now.”
Jellis Craig Doncaster director Chris Savvides said buyer confidence was at “an all time high across Manningham”.
“We’ve seen a lot of buyers come that were looking six to 12 months ago and now they are looking at buying,” he said.
“People are going to auctions, seeing the crowds and seeing all the ferocious bidding and not wanting to miss out.”
Mr Savvides identified Lower Templestowe, Doncaster, Bulleen and Doncaster East as the suburbs with the most demand.
“School zones have been a big factor, transport, easy access to the freeway and the city — and it’s still an affordable area,” he said.
“We also expect that the higher prices should hopefully bring more sellers into the market.”
CoreLogic head of research Tim Lawless said: “despite a slight downward trend nationally, the number of profitable resales has remained consistently high over the last quarter — a clear indication of the continuing strength of the market.”
“Over the three months to June 2019, owner-occupiers were more likely than investors to realise a profit from selling their property. This trend was evident across the combined capitals, but particularly in Melbourne, Brisbane and Canberra, where investors were more than twice as likely to sell at a loss compared to owner-occupiers.”
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