Property prices rise 2.7 per cent in Mordialloc-Chelsea

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REAL estate experts say the market in Mordialloc-Chelsea has returned to a trend of steady growth, with statistics released last week showing a 2.7 per cent increase in local property prices.

The Real Estate Institute of Victoria figures for the quarter ending September have the average median house price for the Mordialloc-Chelsea area at $601,100 and the average median unit price at $470,300.

JPP Buyer Advocates director Ian James said the 2.7 per cent increase was understandable as the housing scene returned the trend of 10 per cent annual growth.

“It’s a balanced, or average, market at the moment where we’re back to paying fair money for good property with a bit of competition,” Mr James said. “We’ve bought a lot more property in the Chelsea, Seaford and Carrum area lately and we’ve seen a lot more competition.”

Mr James said the biggest impact on the Mordialloc-Chelsea housing market could come in the form of a potential new shipping port being set up in Hastings.

Click here for the rest of the article (Herald Sun Website)

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