Are you interested in getting a better understanding of the Latrobe Valley property market? We've pulled together the following report based on 2017 first quarter data.
We hope you enjoy the read. If you've got any questions or would like us to get you some further information for your area, get in touch! We live and breath property, so we'd love to help.
Sales Data - Total Sales
Sales Volume Compared to Same Period 12 Months Prior
Sales across the Latrobe Valley have remained rather consistent over the past quarter, with only Traralgon and Newborough experiencing much of a drop off in that time. Over the 12 month period (til 31/3/17) Morwell had an 18.5% growth in sales followed by Newborough at 11.9%, proving there are good buyers in these towns.
Median House Price
Much like our last report, median house prices remain relatively consistent across the Valley, with Traralgon regularly recording the highest median house price and Newborough coming in second. Morwell, whilst the cheapest median house price over the past 12 months, has recorded a growth in median sales price over the past 3 months, growth in sales % and median house price is a good result for the township.
Change in Median House Price as %
Again as per our previous report, Newborough has shown great growth in reccent years with a 20.1% growth in Median sales price over the last 5 years. All towns, with the exception of Morwell, have improved on median sales price over the past 5 years, whilst recent Morwell data suggests it's on the improve.
Key Sales Data
% Stock on market
AVG Days on market
Traralgon and Morwell have shown the highest number of listings over the past 12 months, due in part to them having the highest number of properties. All towns with the exception of Churchill are operating at a similar turnover rate (between 4.9-5.2%), turnover rate is the amount of properties sold per year per amount of properties.
Moe and Newborough recorded the best 'days on market' results with homes in these towns selling considerably quicker than other Latrobe Valley towns, this would also be due, in part, to the lower competition/stock on market in these towns which is also lowest.
Present data suggests that across the board, people tend to occupy their homes for a decade across the Latrobe Valley. Churchill has the highest hold time of 14.9 years with Traralgon the lowest at 10.3 years.
Asking rent 12m
The Latrobe Valley has strong rental results, for those of you that are investors and have rental properties you'd unlikely have needed to reduce your asking price over the last 5 years. All towns have experienced healthy growth over the past 1-5 years.
Traralgon ($280) and Newborough ($263) have the highest median asking rent with Morwell, Churchill and Moe performing with similar results in the rental market.
If you follow our blog then you may have seen our articles suggesting why the Latrobe Valley is a great place to live, our views on the Hazelwood closure and our commitment to sponsoring the local community. All of this supports our view that we're living in a great part of the world and despite what some may be suggesting, our real estate market is continuing to perform well and recent events haven't had the significant impact on median house sale prices or number of sales that were feared.
We do hope you've enjoyed our market update. Our intent is not to be pseudo market analysts but to give you our unbiased view on what's happening in your local market based on data that is available to us.
All data provided in this report is based on Q1 data ending 31/3/2017
Quality Conveyancing Solutions wouldn't encourage anyone to use this data alone when making realestate decisions and would advise anyone to do their own research and speak to our great local agents for further assistance.