Manningham’s property market had an upsurge of prices, amid a pandemic.
Melbourne’s residential property market has bounced back to pre-pandemic levels, surging through the city’s second lockdown to even carry on rising 3.4 per cent from the end of 2019, for the average house.
Melbourne and Canberra had the highest growth in the country with a 3.4 per cent increase in house prices in the December quarter last year according to the Australian Bureau of Statistics.
House and unit values continue to rise across Melbourne, however, house prices outstripped the price growth rate of units in February.
The sale price of flats rose 3.5 per cent throughout last year, with units which rose 1.9 per cent.
Hudson Bond Doncaster sales manager, Danny Demir, wasn’t convinced individuals would invest more in apartment buildings and less in housing.
“When you invest you’re investing for return, you’re investing maybe for tax relief but you’re investing for capital growth and there is not much growth for apartments at this point of time - your capital growth from an investment point of view is more to do with land," he said.
Danny said the low influx of immigration due to the closure of international borders since COVID in March last year, has affected the listings for apartments in the Manningham district whereas for houses it is different.
“The apartments in this area have slowed down because of the lack of immigration, houses have gone the other way because of supply and demand,” he said.
Vahe Sargsyan, resident, who is still considering a property investment of a beach house because his plans of working from home are unchanged so country area would suit his lifestyle.
“I am one of those people who are now permanently working from home and working from the country area would have been much more pleasurable, for instance a small house in Mornington has increased and will be going up even more so therefore l am considering it,” Vahe said.
Vahe did renovations to his house throughout last year, and is confident it will add value to his property.
“I have invested in creating a new working area it has added value to the property. it was definitely something worthwhile doing and if that is helping work from home or improve your lifestyle even better,” he said.
