After dropping in 2008 apartment prices in this suburb are up slightly so far this year, reflecting a busy time for first home buyers who’ve found plenty of good value in the area. See the graphs below for the year to June 30th.
For most of its residents Spring Hill is really an extension of the CBD yet that little stroll up the hill can still save you $50,000 or more for a comparable apartment. While traditionally an investor-driven market, Spring Hill’s apartments are now regularly being sought out by owner-residents, keen to enjoy the CBD lifestyle.
With recently released projects offering better lifestyle amenities this was inevitable. The larger apartment sizes and more boutique nature of some of the area’s older buildings will ensure they attract buyers wanting a renovation opportunity too.
Despite the median price dropping 20% on 2008 it’s hard to draw any major conclusions on house prices, as the busy part of all inner city markets has been amongst first timers. Cheaper houses have probably gone up in price. Dearer, well-located quality houses are still selling but have had much tougher market conditions.
Renovators are busy adding value to houses but many of these don’t go back to the market. If you’re within walking distance of the CBD you probably have less reason to move than most of us!
Get your copy of our “Sales Market in a Nutshell” – click for a full profile on Spring Hill real estate.