Home News Melbourne suburb jumps 12% in three months

Melbourne suburb jumps 12% in three months

Font size :

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.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

New social housing aims to transform Ivanhoe Estate New social housing aims to transform Ivanhoe Estate

The sprawling redevelopment aims to boost the supply of affordable housing in Sydney Read more

A new suburb will be built in west Melbourne A new suburb will be built in west Melbourne Mount Atkinson will become home to more than 22,000 people over the next 15 years ... Read more

Surging house prices threaten liveability in Melbourne Surging house prices threaten liveability in Melbourne Analysts warn the city could become just as unaffordable as Sydney, if property trends continue ... Read more

More Aussies would benefit from regional hubs linked to cities More Aussies would benefit from regional hubs linked to cities Shorter commutes could spur higher home sales in regional towns, analysts say ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Aug 17, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords