Spring Hill

Spring Hill Real Estate Agent’s Summer Market Update

1 bed apartments in hot demand as turnover surges

The graphs show a solid rise in turnover of Spring Hill property with 24% more houses and 39% more apartments sold in 2021 than the previous year. The busier apartment market has one important difference from the peak of 2015: our recent surge in activity is all about buyer demand and not the increased supply from new projects we saw back then. While the median price is lower this is due to a marked increase in turnover of 1 bed apartments. Buyers cannot get enough of them!

With such strong house demand their prices were almost certain to rise – and they have! Local houses are now at a median price of $1.31m and, with limited numbers of small and unrenovated dwellings remaining in the suburb, look on track to rise further.

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