Well it’s December 24th and it’s almost a wrap! I have decided to share some extremely useful information in the links below for Cheltenham residents or for those looking to invest/purchase in Cheltenham. I have included all of the 2011 sales results along with some current demographic data.
Other agents I have spoken with or worked with in the past have always said “less is more”. In other words, don’t give the public too much information because you may be shooting yourself in the foot. Well, these results have been published week-in week-out in the newspapers, so it isn’t exactly confidential and private information (so there really is NOTHING to hide!). It is difficult to get your hands on this info if you’re not in the industry, so I hope you all enjoy it and make good use of it.
I won’t discuss a “property of the year” this time around. Instead, I will just touch upon what has happened in the local real estate market. Property prices in 2011 were generally steady with a slow decline. In the demographic trend chart you’ll see exactly what happened over the past 5 years, specifically in March 2010 where record prices were being smashed all over town. The median price in March 2010 exceeded $690k for Cheltenham houses and $510k for units/townhouses. There has been approximately a 12% to 15% in most cases since then, which has for the most part, been a steady drop over the past 20 months.
There are no signs of alarm bells, and with the interest rates being cut again and again it looks like things won’t continue to drop. With that being said, none of us have a crystal ball, even the most adamant of “experts”. Is it a good time to buy or sell now? Absolutely! Real estate is a sure thing when it comes to long term investments in Melbourne. You will never lose out if you spend wisely and don’t over-capitalise in too short a time-frame (in other words be careful if your intention is to buy and sell the same home within 12 months because the short-term market may not improve).
Here are some fantastic links for your information and perusal
For a full list of sale prices for 2011 in Cheltenham (residential houses), please click here.
For a full list of sale prices for 2011 in Cheltenham (units/apartments/townhouses), please click here.
For a current demographic report on Cheltenham VIC 3192, please click here.
If you’d like to chat about any of these properties or if you would prefer a more specific break-down of results within a direct vicinity of your home, feel free to contact me. My details are below!
Real Estate Advisor
0421 274 996
Specialising in real estate for sale in Cheltenham and surrounds.