The latest REIV statistics released last week show house and unit prices have increased at a phenomenal rate, despite the year we have had, in and out of lockdowns.
It seems that buyers cannot get enough of our area. The demand is high and the prices reflect this. The average house price over the last 12 months has increased across all suburbs in our area. Croydon is up 11.8%, Ringwood up 10.5%, Lilydale up 13.9% and Wonga Park up 19.2%.
Quarterly median price increases are also strong, with Ringwood East up a whopping 32.3% in the March Quarter, Chirnside Park up 9.3%, and Mooroolbark up 8.8%.
I’m not surprised with these figures given what we are seeing on a daily basis with both our private sales and auctions. Many people are making lifestyle decisions at the moment and are moving to our area and away from inner-city areas. We are also seeing many people upgrading or downsizing and buying investments. In fact demand across all markets is strong as people reflect on what lifestyle they want moving forward and start to put those plans into place.
I’ve never been asked so many times what my predictions are for the future – and at the moment it’s hard to make any predictions. I do feel that as we head into the latter part of 2021 we will see prices start to steady or plateau and that this will continue into 2022. However, this is just speculation as really there is no rule book for what we are going through at the moment. All I know is that house prices are the highest they have ever been and our sellers (& us in many cases) are consistently blown away by the prices we have been achieving.
Tamara Lloyd
Director, Ray White Croydon
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