The Northcote Report
Everything you need to know about the property market in 2025.
Market Overview
Melbourne's property market has experienced significant fluctuations over the past four years, with a 17% surge in 2021 followed by a 9.6% decline in 2022. Despite signs of recovery in 2024, median house prices fell 1% due to high interest rates, increased property taxes leading to divestment, and an oversupply of properties amid reduced demand.
The Northcote property market has shown some resilience over the past two years, maintaining relative stability despite occasional fluctuations. In 2024, its clearance rate exceeded the Melbourne metro average (78.7% vs. 72.6%, reiv.com.au), highlighting that there is still a demand for properties in Northcote despite the slight decline in the median house price.
The market is showing positive signs of improvement heading into 2025. In February, following the Reserve Bank of Australia’s reduction of the official cash rate by 0.25 percentage points to 4.1%, the first rate cut since November 2020, Melbourne’s housing market ended a 10-month streak of value declines, posting a 0.4% rise.
The interest rate reduction has enhanced borrowing capacity, leading to improved buyer sentiment and increased demand. This resurgence in activity is evident in auction clearance rates, which have risen to around long-run average levels, reflecting renewed competition among buyers.
Median House Price Quarterly Changes
Source: Jelliscraig com au, March 2025
Northcote
2025 Q1 Northcote Insights
In Q1 of 2025, Northcote buyer sentiment is already showing signs of improvement. Buyer enquiries have increased by 13% compared to the same period last year, continuing a steady upward trend since October.
In Q1 of 2025, Team Rigopoulos and Beavis have successfully sold 47 properties in Northcote and surrounds, with an average sale price of $1.83m. This marks a 14.6% increase in the number of properties sold compared to Q1 of 2024 and an increase of $84k in the median house price ($1.8m in Q1 of 2025 vs $1.716m in Q1 of 2024).
16 properties have sold prior to auction following competitive early offers, a strong indicator of high competition amongst buyers.
We have also seen a noticeable rise in the number of off-market sales, with 15 of the 47 sales this quarter being completed off-market. These properties averaged 19 groups attending inspections and 35 days on the market.
Combined, these numbers reflect 31 from 47 sales sold either before auction or off market, a lead indicator of demand that suggests the local property market should see steady growth.
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Paula Beavis
Partner & Licensed Estate Agent
E: PaulaBeavis@jelliscraig.com.au
M: 0407 267 366
Jellis Craig Northcote
427-431 High Street, Northcote
E: northcote@jelliscraig com au
T: 03 9403 9300
Jellis Craig Fitzroy
189 Johnston Street, Fitzroy
E: fitzroy@jelliscraig com au
T: 03 8415 6100
Jellis Craig Reservoir
982 High Street, Reservoir
E: reservoir@jelliscraig.com.au
T: 03 9070 5095