Melbourne's booming property market is spreading to middle-ring suburbs, with house prices rising to double digit growth, according to the latest Residex report.
Over the past three months ending October, properties in Camberwell soared by 12.01% to $1.13m. Ninety-six houses changed hands during the same period, with buyers largely ignoring the seven-figure tag price.
Located just 13km from Melbourne's CBD, Camberwell is becoming one of the most sought-after areas in Melbourne, thanks to its close proximity to the city. The leafy suburb features federation-style houses, a wide range of modern shopping facilities, cafes and high quality restaurants.
Tasmania's large residential suburb of Lutana has also seen massive growth, according to Residex. Property values jumped by a massive 10% to $248,000 as investors snapped up well-located houses in the area. Rents are currently sitting at around $245 per week and achieving rental yields of 5.19%. Over the past 12 months capital growth rose by 16.03%.
Located between the Derwent River and Brooker Highway, Lutana's close proximity to both Hobart and Glenorchy is the main reason for the strong buyer interest, according to Russell Quinn, sales agent, Roberts Real Estate.
"Lutana is still a reasonably affordable suburb that has experienced quick sales in recent months due to the high demand of buyers wanting to secure property in the area. House sales that would usually take between eight to 12 weeks are now only taking around one to two weeks," said Quinn.
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