Northbridge property value increases

Northbridge is one of those suburbs that sits on a point where a large portion on the homes are north facing and have views.  Families who move here never want to leave. In 2006, the median price for houses was $1,428,500.  So far this year the recorded median is $1,967,000.  That is an increase of 27%.  One of the main factors that has attributed to this growth is people's desire to live in a new home.  As the homes are typically 50+ years old, they are being bought for land value only.  The newly built homes are fetching a premium which is distorting the growth figures.

There is still a lot of buying potential in this suburb, especially if you are prepared to buy an old home to rebuild.