The median price for the City of Belmont in the last quarter of 2012 was $485,000 with 237 properties selling compared with $440,000 in the same quarter of 2011 with 215 properties selling. This represents a median gain of 10.22% year on year (Source: REIWA). The gains are attributable primarily to increased demand for properties close to the airport and the much lower than usual stock levels throughout the year. Several suburbs have averaged under 1% of properties on the market. The rental demand has also been strong resulting in increased rents for the area over the last 2 years. This has been a strong contributing factor together with lower interest rates allowing owners to hold property more easily and perhaps hold off selling.
This imbalance between supply and demand in the area is continuing resulting in the current buoyant market, low days on market, multiple offers and a general confidence in the area’s investment credentials.
The City of Belmont comprises the suburbs of Ascot, Belmont, Cloverdale, Kewdale, Redcliffe and Rivervale. If you would like a monthly report on the market for your suburb just email your name and address to firstname.lastname@example.org and you will be automatically subscribed to our Market Update. Andrew Huggins