An amazing example of house prices on the rise
DANDENONG HOUSE PRICES THROUGH THE ROOF
It has been a forecasted surprise that many people that own property in the City of Greater Dandenong have become Millionaires in the last year.
What was once an affordable location to buy a house in, is now up in the higher end of the $1 Million mark. According to Corelogic, the median house price soared to $615,000 making it a 44% increase in the last 18 months.
If we take a look at outer Melbourne areas, we can see that Dandenong doubled that of respective areas which were at 23.8%.
The top market in the area was Keysborough. We found 14 houses that were close to the million dollar mark in 2017 and had Springvale at a close third with 7 houses that sold for $1 million plus.
What we wanted to know, is the factor that is driving these house prices up.
By researching the neighbouring areas, we can assume that buyers are being priced out of Kingston and Monash.
With so many new properties selling at high prices, we can project the trendsetters paving the path for all the rest.
This could be a great time to sell.