Properties in Melton and Moorabool are among the most likely in Victoria to generate a profit, according to new data.
The CoreLogic Pain and Gain Quarterly Review analysed the performance of property resales across the nation in the September quarter, and showed that 98.9 per cent of property sales in Moorabool resulted in a profit, making it the second highest performing council area in Victoria.
Melton was also a strong performer, with 98.3 per cent of property sales bringing a profit – the third best in the state.
YPA Melton sales director Shane Spiteri said the report was a true reflection of a market which had rebounded strongly from a period of downturn in 2018-19.
“At the end of the day the market had to correct itself, and that’s why we saw that downturn,” Mr Spiteri said.
“The market has now recovered to where [prices] probably should be. They may not be as high as they were at the height of the property boom, but they are still affordable and people still see the Melton region as a good place to buy.
“If you look at where it is located, you get more for your money here. We’re 45-minutes from the CBD, now if that was in Sydney you’d be paying close to $1 million, but here it’s $500,00-$600,000 and you get the same quality.”
The median profit for sales in Melton was $225,000, while for Moorabool the median profit was $219,500.
Mr Spiteri said it was likely the market would continue to improve over the first half of 2020.
“I don’t see it slowing down for the next six months, and after that we’ll wait and see,” he said.
“There will be more first home owners looking to buy in the area, and the banks are getting a bit easier to deal with to make it more affordable for people to enter the market.”