Are your bedrooms impacting your values?

If you’re a regular reader of my posts, you’ll know that I am very conscious of helping people to understand that when they read about movements in ‘the market’, they need to be aware that there are in fact many different markets, even within the one city. Thus references to “a fall in the market” can be quite misleading.

I was reminded of this fact again last week when Domain released some interesting data on property price movements in 2022.

For example, Domain’s figures show that during 2022, when we saw eight consecutive increases in official interest rates, four bedroom houses in the Melbourne metropolitan area experienced a drop in median house prices that was just half the drop experienced by two bedroom houses.

Similarly, one bedroom units saw their median price fall by almost three times the amount that three bedroom units dropped by over the same period.

When you add the variations between different suburbs, (indeed in some cases different parts of the one suburb), it’s easy to see why getting advice from experienced agents with specific knowledge of your property’s immediate area is so important when making decisions about your property plans.

This is far more relevant than taking the approach of someone I was talking to over the weekend who told me, “The market’s down by about 8 per cent, so that’s how much less my own property will be worth”!

If you or someone you know is considering making a move in 2023, make sure they get up-to-date and informed advice from a property professional who knows their area. Of course, if you need help sourcing the right advice, don’t hesitate to give us a call at Brand C on 9807 6686.

Brandon Chuah

Director

Brand C