If you plan to make a real estate investment in Victoria by next year, then you should consider a house and land for sale near Craigieburn and other suburbs around Melbourne.
Industry analysts expect home prices in the Victorian capital to decline by at least 10 per cent in 2019. This could mean that it may be more affordable to buy homes in Melbourne in the future, but the monetary value remains too high for most individuals. Based on a survey, the current average price in the city is $740,000.
However, that figure would decline to $680,060 in the next three years, which means you would need to hold on to the property for longer to make a profit out of your investment. Real estate prices may rebound after a sharp decline, but not even experts know when this would take place.
Australians who are still deciding on buying a house in Melbourne should just estimate the right time for the purchase. Prices have been falling over the last 12 months, when homes recorded an almost 3 per cent decline year over year, according to data.
The situation is not exclusive in the city. By 2021, median home prices in Sydney would likewise cost more than $892,000 from the current value of $972,250. Some of the factors for the lower home prices in both cities include stricter lending standards in the country and the Reserve Bank of Australia’s interest rate hikes next year.
Melbourne may still be a popular place for homebuyers since many Australians want to live in the city, but those who look for profitable investments may consider other alternatives. Whilst prices are expected to be cheaper in Melbourne in the future, you are better off spending money in a nearby suburb where prices are more affordable with a potential for value appreciation.