The Northcote Report
Everything you need to know about the property market in 2025.
The Northcote Report
Welcome to the 2025 edition of the Northcote report, your definitive guide to the residential property market landscape of Northcote and the Inner North.
Having lived, worked, and sold in Northcote for many years, I am very proud of our vibrant community and all it has to offer prospective buyers and tenants.
This booklet will provide you a concise market update, highlighting all the factors impacting the local market today and into 2025.
If you're considering selling in 2025 or would appreciate a confidential discussion, I encourage you to get in touch using the details below.
Wishing you a safe and happy 2025!
Director & Auctioneer
E: SamRigopoulos@jelliscraig com au M: 0425 834 583
Sam Rigopoulos
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 inquiries 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.
Looking Ahead
Looking ahead, market expectations indicate that the RBA may introduce further rate cuts in 2025, which could provide a greater boost to buyer confidence. According to KPMG, Melbourne’s house prices are projected to rise by 3.3% over the next 12 months.
With the number of listings showing positive growth, this has driven higher attendance at open for inspections in the first quarter, accompanied by a significant influx of new buyers entering the market. The surge in activity is driving greater competition - a key ingredient for price growth and market momentum.
Having experienced many market cycles throughout my career in real estate, I’ve seen firsthand how quickly the market rebounds once buyer confidence returns. With improving conditions on the horizon, I anticipate strong growth and heightened activity throughout 2025.
Meet Team
Team Rigopoulos & Beavis is a high-performing property sales team renowned for delivering exceptional results for clients in Melbourne’s Inner North. Combining expert service with skilled negotiations, they take a consultative approach, consistently exceeding real estate goals through dynamic campaigns and genuine client partnerships.
Team Rigopoulos & Beavis drive impactful campaigns that generate strong buyer interest and engagement. Their constant market presence ensures each property attracts a broad pool of buyers, resulting in outstanding sales outcomes that consistently surpass expectations.
Northcote Market Share: Properties +$2m
Mar 01, 2024 - Feb 28, 2025 (12 months) Expressed as a percentage
SamRigopoulos
WhysellwithJellisCraig?
JellisCraigisanindustry-leadingpropertyagencythatexcelsinthetoptiersoflocalproperty markets.Westandapartthroughouropenandshareddatabase,centralisedsystems,and cohesiveteam.Thismeansthatyoubenefitfromaunifiedefforttowardsonecommongoal: achievingthebestpossibleresultwhensellingyourhome.
DATABASE
Hometothemostconnected clientdatabaseinVictoria
If you sell with Jellis Craig, your property will be exposed to up to 1 9 million potential buyers and investors on our open and shared database
PROVEN SUCCESS
Ourexceptionalresultsspeak forthemselves
Jellis Craig consistently sells more homes over $1 million than any other real estate group in Melbourne We host more than 600 opens, meeting over 7,000 potential buyers each week
VENDOR DASHBOARD
Trackyourcampaignlivewithour industry-firsttechnology
Jellis Craig Live is a dashboard that gives you visibility to real-time data on your property campaign Evaluate buyer interest levels, track the number of open for inspection attendees, monitor how many people are viewing your property online and more
CONNECTED NETWORK
BackedbythestrengthoftheJellisCraig connectednetwork
At the core of Jellis Craig is our commitment to building meaningful connections with clients We are connected through our collaborative team, shared database, cohesive office network, centralised systems, and deep community ties
OFF MARKET STRATEGY
Experienceanexclusiveapproachwith JellisCraigFirst
Jellis Craig First is a unique off-market sales strategy that utilises Jellis Craig industry leading marketing platforms to maximise the exposure of your property to buyers with minimal investment
Scan to learn more about why Jellis Craig is the right partner to sell your home.
PROPERTY MARKETING
Elevateyourpropertycampaignthrough ourstrategicmarketing
We partner with premium photographers, videographers and have bespoke industry-leading property marketing products to ensure that each home is showcased to it’s highest potential
Get in touch today!
Sam Rigopoulos
Director & Auctioneer
E: SamRigopoulos@jelliscraig com au
M: 0425 834 583
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
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