House prices double throughout Whitehorse in 10 years

HOUSES in every Whitehorse suburb have doubled in value in the past 10 years.

New data shows that houses throughout Whitehorse have been among Victoria’s star performers in the past decade.

Median house prices in all parts of Whitehorse have increased by an average of at least 7.2 per cent a year over the past 10 years, according to statistics from CoreLogic RP Data.

The figures prove that houses throughout Whitehorse have stood the test of time as strong investments.

Noel Jones Blackburn director Rohan Calder said homeowners were earning “free money” simply by buying a house and waiting.

A three-bedroom weatherboard at 132 Springfield Rd, Blackburn, sold for $755,000 last month after selling almost exactly two years earlier for $550,000, he said.

“The owners had not spent a cent on the house,” Mr Calder said. “They were first-home buyers who bought in a good location and the people who bought from them are doing exactly the same thing.”

The vendors planned to use the increased value of the house they sold to buy a bigger property within school zones nearby, Mr Calder said.

A three-bedroom house at 9 Tara Ave, Blackburn, sold for $575,000 in 2007 and $1 million late last year, he said.

Philip Webb sales manager Anthony Webb said the region’s price growth would continue due to its facilities, infrastructure and access to the city.

Buyers who thought against paying a little more for a property were repeatedly surprised over the long term, he said.

“The longer you wait, the more the prices go up,” he said. “My dad’s been in real estate 43 years and he thinks he’s overpaid for every property he’s ever bought.”

Mr Webb’s agency recently sold a four-bedroom house at 3 Oran Court, Doncaster Easter, for $793,000. It sold for $96,600 in 1983.

Eleven of Whitehorse’s 16 suburbs had average annual price growth of at least 8 per cent.

Mont Albert North had the municipality’s biggest average annual price growth over 10 years at 9.6 per cent, taking the median house price from $416,000 in 2004 to $1,040,000 in November last year.

Neighbouring Mont Albert was the next best performing suburb, with 9.2 per cent average annual growth to $1,420,000, followed by Surrey Hills (8.8 per cent to $1,391,000), Box Hill South (8.5, $880,000), Blackburn North (8.4, $781,500), Blackburn (8.2, $930,000), Box Hill North (8.1, $837,500), Forest Hill (8.1, $699,000), Mitcham (8, $720,000), Blackburn South (8, $778,000), Burwood (8, $892,000), Nunawading (7.9, $700,000), Box Hill (7.7, $957,500), Burwood East (7.7, $761,000), Vermont (7.5, $695,000) and Vermont South (7.2, $800,000).

The above is an extract from:

http://www.heraldsun.com.au/leader/realestate/house-prices-double-throughout-whitehorse-in-10-years/story-fnqsbpzr-1227267595357

4C Realty

Caroline He