Demand and hence prices does not always move evenly in different marketplaces. Sometimes the price gap between two properties can increase or decease significantly. If you are looking to upgrade then timing can be very important.
Currently in the City of Belmont there are some examples of the more expensive properties that are currently on the market for significantly less than they were purchased for in the boom times of 2006. At the same time there are some mid range properties that are achieving prices at record levels. The reason for this gap shrinking is that demand is currently substantially higher for affordable properties particularly those within reach of the typical FIFO worker. At the same time the typical buyer of the more expensive home is behaving more conservatively with one eye on overseas events and is often a business owner concerned about uncertain business conditions and therefore is generally more subdued towards buying property.
This makes for a great opportunity if you are in position to upgrade your home, particularly within areas like Ascot Waters where there are many quality homes well over $1 million.
If you would like more information or a property appraisal then please call your City of Belmont real estate agents specializing in the suburbs of Ascot, Belmont, Rivervale, Cloverdale, Redcliffe and Kewdale.
Media contact: Andrew Huggins 0413 231 303