Creswick Property Factsheet 2nd Half of 2018

The Creswick property market recorded a median house price of $320,000 and $130,000 for land in Q2 2018, which represented an annual price change of 4.6% and -7.1% respectively. Over the same period of time (Q2 2017 – Q2 2018) housing stock on the market also increased (by 12.5%), suggesting that Creswick’s house prices have benefited from real uplift in value. House median prices between Q2 2017-Q2 2018 in Hepburn Shire Local Government Area (LGA) grew by 1.1% to $450,000 and land prices grew by 26.7% to $190,000.

Compared to the LGA, houses and land can be secured at a more affordable price in the Creswick property market. Further, when compared to the Creswick 1^st Half 2018 Research Factsheet, which reported a house median price and annual (Q4 2016-Q4 2017) price change of $330,000 and 11.9% (respectively); houses in Creswick has become more affordable. This is great news for first home buyers wanting to enter the market.

Average vendor discounting for houses has tightened to -1.0% over the past 12 months to Q2 2018, suggesting sellers are achieving closer to their first asking price. This is the tightest discounting experienced for at least the last 2 years, as sellers benefited from a high demand market. This suggests now is an ideal time to transact in Creswick.

Over the past 12 months to Q2 2018 house median rent in Creswick has remained relatively stable, currently at $300 per week. Rental stock on the market also remained stable, suggesting existing supply was absorbed by the demand. Days on market tightened to 12 days, the tightest in 2 years. Investors need to take action now and secure their investment in this lucrative market.