Houses with land are retaining more value
This one type of property is holding steady
If your property sits on a sizeable plot of land there is good news. In its latest research findings, CoreLogic has reported that homes with larger land area are retaining more value.
The findings show that properties with an average land size of more than 2,000-square metres are holding their value when compared with the median house value across Melbourne. Houses with land have seen a -3.9 per cent change compared to an -11.5 per cent change across Melbourne (Year on Year to February 2019, via CoreLogic).
What makes larger land sizes more desirable?
These results highlight that buyers are valuing larger land sizes, which can indicate several things – namely a desirability for more space, and also the opportunity for potential sub-division down the track.
For hockingstuart’s Sandringham Director Stephen Tickell this should come as no surprise. “We’ve seen fewer investors in the market since the Royal Banking Commission, but I think many savvy investors can see the development possibilities for larger land sizes, whether now or in the near future,” he says.
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