Altona North - The Next Big Thing
Melbourne has been the winner of the ‘Most Liveable City in the World’ a few years in a row now; but it is a big city with a vast array of suburbs steeped in different cultures, styles and people. As a seller you might be asking yourself what, or more importantly who, is my suburb appealing to?
This is the question being faced by home owners in the west at the moment with the question on everyone’s lips being “should I sell?” The west has, for many years now, been building into one of the most desirable areas of Melbourne with generous land sizes, well established infrastructure and beautiful landscapes all shrouded in a rich history and less than 20 minutes from the city, the west is blooming.
Areas such as Altona North are welcoming increased interest from young professionals and families with new developments and fresh renovations emerging on every street it is the ideal area to start or raise a young family. In terms of market placement and statistics it is reported that the median house price is sitting at $580,000 (Realestate.com.au), a 42.46% increase from 2008.
This increase, to a seller, displays this suburbs capability within the market and also why now is the right time to sell. The importance of balancing sales potential with profit can be exceedingly tricky to a vendor with the risk of selling too early in a growing market a real possibility.
The reason now is the ideal time for vendors in Altona North and surrounds to sell comes down to this balance, the median house price is still affordable to young buyers and the location is undeniable with the eastern counterpart in distance from the city being Elsternwick which presents a median house price of $1.2M in comparison, with a 23% increase since 2008. This means that, although there has been a vast increase in property values since 2008, it is unlikely it can continue at this rate and without further development the suburb value will plateau.
In other words vendors need to take advantage of the profit margin while the focus is on Altona North and surrounds and make the most of the 42.46% increase before too many others sell and development of the area drives the value of older properties down.