I’ve been looking into the property market in Marsfield and what I’ve found is seriously good news if you’re a home owner.
As we know we’re a growing suburb and of course we’ve got fast access into the city. Not only that, but we’ve also got the university, which makes us an attractive suburb for people to buy property in.
The brand new Macquarie Centre is also a big pull for potential buyers as well as the IT business district, one of the largest grouping of tech companies in Australia, which will bring professionals flocking to be closer to work.
Even though we know it’s going to be a pain when our rail services are replaced with buses, in the long-term, this will without a doubt increase our home prices too. All round this is good news for us.
Marsfield experienced a strong growth period between 1997 and 2003. It then flattened out and grew at a slower, but steadier rate according to Pricefinder data. We also showed record growth rates of 7.3% and 8.8% in the two years following the 2008 GFC.
If you own a house or are a real estate investor in Marsfield, you should have a big smile plastered on your face, when you look at our performance when compared to the rest of the country. In the last year our median house prices have increased in value by 32.09%. That’s unbelievable.
In terms of units, there has been capital gain of 15.77% over the last 12 months and there has been an annual property growth of 4.63% over the last 5 years. When looking at the last quarter, the data shows that in the short-term at least the capital value growth rate for investors has increased when compared to the annual rate over the last 5 years.
But what about median prices? Well the median price for a house is $1,206,000, with an annual capital growth of 5.74. When we look at unit prices, the median price is $630,500 with an annual capital growth of 4.78%.
If you live in Herring Road and Culloden Road, then celebrate, as these are the most sought after streets due to their access to Macquarie Centre and Macquarie University!
Ultimately we’ve experienced tremendous growth in property prices over the last two years and that’s definitely something to smile about.
If you’d like any advice, or more information, please feel free to call me at any time on 0414 834 733.
William de Ora