Property demand surges

When COVID‑19 lockdown restrictions eased, pent‑up demand for homes in Camberwell reignited the suburb’s property market. Following a difficult period for real estate agencies, buyers wasted no time getting back out.

Greg Bowring, head of sales and auctioneer at Woodards Camberwell, said there was “a distinct lack of transactions” during restrictions last year.

“But activity began again as soon as they were lifted in November,” he said.

Mr Bowring said by mid‑January, the resurgence was evident and the decision was made to hold an auction on January 30 – “an unheard‑of event” in a usually sluggish holiday period.

There was available stock and buyers who’d had all their plans put on hold last year were ready to make up for lost time, he said.

Real Estate Institute of Victoria (REIV) statistics show that Camberwell did well in the final quarter of 2020, with a 75 per cent clearance rate on houses and units.

The median sale price is now $2.12 million, a 21 per cent quarterly change (compared to metro Melbourne’s 9.5 per cent change in the same period).

The REIV said Camberwell’s median house prices “simply bounced back” from a 24 per cent fall in the September quarter last year.

REIV president Leah Calnan said Camberwell has so much to offer, which isn’t surprising.

“It is close to the city, but that alone isn’t the attraction,” she said.

“It has a wonderful shopping strip, great restaurants, and great public transport.”

Ms Calnan said a changing demographic in the suburb over the past five years has seen a blend of properties emerge.

“There are traditional homes, units and apartments, and a mix of age groups. You could rent in Camberwell as a young single and stay in the area as you couple up or have a family. It has properties for all life stages, and the lifestyle too.”

Ms Calnan said Camberwell has a “blue chip price tag without the stigma”.

“It has an eclectic mix of people and restaurants, cafes and shops. And the wonderful (Rotary Sunday) market is a great attraction.”

Mr Bowring predicts a buoyant beginning to 2021.

“Camberwell has recently consistently been in the top two or three most searched suburbs in the Boroondara area on realestate.com.au,” he said.

“It has a beautiful mix, from period properties through to new developments closer to the junction.

“Camberwell is a great location. Education is probably the number one reason people buy here. The great schools are a big draw card.

“Also, we have a good rail connection, restaurants and shops, and easy access to the city. Camberwell Junction is a great asset.”

As elsewhere, stamp duty discounts are also incentivising new buyers to take the plunge in Camberwell.

Stamp duty is discounted on a new or established property with a value of up to $1 million if contracts are signed by July 2021.

Camberwell is an established suburb but a non‑stuffy and ever‑changing one that has something for a wide range of buyers.

The suburb’s proximity – just 9 km east – to the CBD is also a major draw card but it offers much more.

“Being a city fringe suburb is obviously attractive but for many buyers there has to be more on offer than just that. And Camberwell has it in large amounts,” Ms Calnan said.

“There are buyers who are drawn to the established nature of the suburb and others to its lively mix of lifestyle offerings, such as the new restaurants that keep emerging, and Camberwell accommodates it all.”

Camberwell also offers a number of open green spaces including Frog Hollow Reserve, Read Gardens, and Lynden Park, among many others.

Greg Bowring, head of sales and auctioneer at Woodards Camberwell

Leah Calnan, President of Real Estate Institute of Victoria (REIV)