Falling prices in some suburban areas in the city have encouraged buyers to look for properties that are on the market, according to an analysis. For instance, auction deals accounted for most of the housing sales in Watsonia.
If you have been planning to buy a house and land around Williams Landing and other south-western suburbs in Melbourne, now may be a good time to do so.
Almost 70 per cent of houses went under the hammer in Watsonia, which makes it a good place for buyers who are confident about placing the highest offer. In terms of apartment sales, Clarinda’s auction deals accounted for more than 64 per cent of all transactions. Watsonia wasn’t far behind with 60 per cent of sales done via auction.
Industry experts believe that auctions allow sellers to divest their homes more quickly, whilst making it easier for buyers to close a deal. However, the competition could sometimes become tough for cash-strapped individuals. It then makes more sense to find a place where home prices are seemingly on a downturn.
Abbotsford, Brunswick, Collingwood, Preston and Richmond are among the most popular suburbs in inner-city Melbourne, according to the analysis. If you particularly seek a semi-detached townhouse, the market in Bentleigh East is a good option.
Geelong’s residential market has a diverse set of properties that are popular among commuters, although you should expect prices to be quite expensive. The region’s Drumcondra, East Geelong and Geelong West are among the top regional postcodes in Australia.
Buyers should know where to look for properties with a cheaper price tag and located in a strategic location. It can be difficult to do this on your own, so it is best to hire a realty services company that is familiar with your preferred suburb.