Premium Property Report - July 2019

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All information in this report has been obtained from sources believed to be reliable and is to be used as a guide to the performance and outlook for the real estate market in Marshall White’s areas of operation. Any recommendations and forward looking statements are opinion and do not intend to predict future performance of suburbs, areas or properties. Prior to relying on the information in this report you should obtain independent professional advice and consider your personal circumstances.

Top insights within this report 4-5

Stars Starting to Align for Housing Markets


Regulatory Environment and Interventions

8 - 11

Reserve Bank interest rate cuts will help turnaround property prices

12 - 13

Victorian State Budget Review

14 - 15

Foreign Investment in Residential Property


Buying Off-the-Plan, Opportunities in the Current Market


Projects and Developments

18 - 19

Stonnington and Boroondara

20 - 21

Port Phillip and Bayside

An unpredictable first half of 2019 following the Banking Royal Commission saw the housing sector in a state of flux An unpredictable first half of 2019 following the Banking Royal Commission saw the housing sector in a state of flux. However, Melbourne’s real estate market is now showing consistent signs of recovery due to the clarity of the Federal election result, record low interest rates and the banks easing mortgage serviceability calculations. At Marshall White we are experiencing superior auction success rates with our own results now at over 70 per cent. Each week the number of buyer enquiries is increasing and it appears “good buying� opportunities are starting to diminish. Many respected housing commentators, such as Tim Lawless from Core Logic and Trent Wiltshire from Domain, predict that we have hit the bottom of the market and will now see modest growth into 2020. Both commentators have written articles for us in this report on the broad state of the market in relation to the economic, regulatory and monetary environments. Our Marshall White Projects team reports that off-the-plan buyers are now re-entering the market after many placed decisions on hold. Downsizing owner-occupiers who have settled on a price for their family home are actively seeking quality product. We have a number of developments launching in the second half of 2019 where we are anticipating excellent results.

The Victorian State budget also signalled a boost in spending on items such as roads, schools and public space - always good news for property. The budget highlighted just how important our property industry has become to the community with the significant decline in Stamp Duty receipts hurting the budget. According to CoreLogic, property values lifted for the first time since 2017 with values in Melbourne lifting by 0.2 per cent in June. There are certainly fewer homes on the market at the moment ensuring the environment is more competitive and continuing the positive momentum for home values. We hope you enjoy our second edition of the Marshall White Premium Property Report and we look forward to assisting you in the upcoming and all-important spring campaign period.

National: Ratio of household and housing debt to disposable income

National: Annual change in wage price index, public and private sector


Stars starting to align for housing markets Written by Tim Lawless - Core Logic There is no doubt the national housing market has been doing it tough, especially in Perth and Darwin where home values have been consistently trending lower since mid-2014, as well as in Sydney and Melbourne where the pace of decline has been rapid since markets peaked in mid-late 2017. Even markets like Brisbane and Adelaide, where growth in housing values has roughly been in line with inflation, have seen values start to fall over the past year while most other markets have experienced a clear slowing in momentum. We’ve recently seen some evidence that the pace of decline is easing; dwelling values aren’t falling quite as fast in Sydney and Melbourne, auction clearance rates are improving and we’ve seen some tentative signs that housing credit flows might be bottoming out. There’s been a range of other indicators that support an improvement in the housing market dynamic. The most obvious one is the outcome from the federal election. The uncertainty emanating from Labor’s policy to rollback negative gearing and capital gains tax discounts has now dissipated, providing better certainty for investors contemplating a purchase. The benefit of a stable government goes well beyond the (now absent) downside risks relating to changes to taxation policy. We now have certainty around the Federal Budget being carried forward, which involves a 25 percent lift in federal infrastructure spending. A large part of these funds will be directed towards transport improvements, which in turn will support housing demand in the areas affected. Additionally, tax cuts for low to middle income earners should also help to support demand, especially for first home buyers along with the first home buyers deposit scheme which will commence in January next year. Add to this the recently announced APRA recommendations that mortgage serviceability assessments are set to become a bit easier. Since late 2014 APRA has specified that borrower serviceability calculations should be assessed on a mortgage rate of at least 7.0 percent, with a buffer of at least 2 percent. The effect of this rule is that lenders will test a borrower’s ability to service a loan based on an interest rate setting

above 7 percent (typically 7.25 percent), even though most mortgages are now in the low 4 percent range or even below 4 percent. The recommendation from APRA, will scrap the 7 percent base limit, with lenders applying a 2.5 percent ‘serviceability buffer’ when calculating a prospective borrowers ability to repay their debt. The new policy setting should see more borrowers passing lender serviceability assessments, providing a further improvement to housing market activity. Another factor that is likely to support the housing market is lower interest rates. Fixed rate mortgage products have already seen two reductions in interest rates and there is growing speculation that the Reserve Bank will cut the cash rate again over coming months. The cut is expected to occur in response to weaker than expected economic growth and low inflation. With a reduction in bank funding costs, we should see most, if not all, of any cuts to the cash rate passed on to mortgage rates, providing further stimulus to households and the housing sector. Housing affordability has seen a marked improvement as a result of falling home values and a subtle rise in household incomes, which is another factor that should help to support housing demand. Individually, each of these factors is likely to provide some stimulus to the housing market, but in aggregate, it’s looking like the tide is starting to turn on this housing downturn. At CoreLogic, we aren’t expecting the market to bounce back rapidly but it does seem like the market downturn has passed.


Regulatory environment and interventions Regulatory interventions have a significant impact on property with the Reserve Bank of Australia (RBA), the Australian Prudential Regulation Authority (APRA) , the Australian Securities and Investment Commission (APRA) and both State and Federal Treasuries all having the ability to impact the property market. There are a number of smaller regulatory and tax changes that will take effect this year impacting property.

Land Tax

SMSF Lending

From the 2020 tax year, land tax in Victoria will apply to vacant land attached to a principal place of residence. If you own a home over more than one title you may need to consider consolidating titles prior to 31 December 2019, otherwise you may start to have land tax levied on the land around your home. If the land is genuinely part of your main residence, your title can be consolidated relatively easily.

After the ASIC review into SMSFs last year, key lenders, including big banks, withdrew entirely from the SMSF lending market. While buying property within a SMSF seems to have a relatively low risk profile (as property is generally held for the long term), banks appeared quick to withdraw from the market. Some commentators have suggested that SMSF loans are more difficult to process and therefore require too much time for the small percentage of business that they bring to the banks.

Sunset Clauses on New Developments Changes to the Sale of Land Act now mean off-the-plan developers of housing estates and apartment blocks need the permission of land or apartment buyers, or the Supreme Court, to enact sunset clauses. (1). These changes were made due to complaints that developers were deliberately delaying their projects and then not registering land titles by set dates so they could terminate contracts. During more buoyant times, many developers reaped significant financial rewards from these terminations.

CGT for Expats In Scott Morrison’s 2017 budget, a plan was announced to remove the Capital Gains Tax (CGT) exemption for Australians who sold their main residence while living and working abroad. This was scheduled to begin in June 30 of this year. Many expats feared they would need to sell their main residence before this date or face a huge CGT bill when they sell it down the track. However KPMG reports (2) comments from Assistant Treasurer Stuart Robert indicating the proposed changes are now unlikely to be legislated. KPMG states “Taxpayers should still be aware of the ‘6 year rule’ that remains in-force for property that is rented out and was previously occupied as a main residence prior to a move overseas, and seek professional advice before leaving Australia and becoming a non-resident of Australia for tax purposes.”

Former Federal Treasury economist, Redom Syed, told Smart Property Investment (3), “the RBA governor said that lending may have gone too far the other way. Following that, the Treasurer said banks need to open up. These are all indicating that lending is slowing down too fast and that they may have tightened the screws too much.” This could point to more regulatory changes being implemented in the second half of this year. (1) Melissa Heagney, ‘Victorian laws to get tough on dodgy developers using sunset clauses to be introduced to Parliament’, Domain, published 19 March 2019 (2) Tim Lawless, ‘From Boom To Doom...But Is It Really That Bad?’ CoreLogic, published 21 September 2018 (3) Daniel Hodgson, Ablean Saoud, ‘Proposed CGT main residence exemption changes likely to be dropped’, Domain, published 18 March 2019

The cash rate is likely to end the year at a record low of 0.75per cent Actual and forecast cash rate.


Reserve Bank interest rate cuts will help turnaround property prices Written by Trent Willshire - Domain Economist The Reserve Bank cut the official interest rate to a new record low of 1 per cent at its July meeting. This cut follows a 25 basis point cut at the June meeting. The key reason the RBA is cutting interest rates is the Bank’s aim for a lower unemployment rate than previously targeted. Lower rates are needed to stimulate the economy, create more jobs and increase inflation.

The RBA is aiming for a lower unemployment rate The RBA has hinted that further interest rate cuts, in addition to July’s cut, are possible. At a speech on July 2, the RBA Governor stated that “the Board is prepared to adjust interest rates again if needed to get us closer to full employment and achieve the inflation target”. After the RBA’s July meeting, the financial markets predicted that the cash rate would be lowered to 0.75 per cent by February 2020, with the possibility of it going even lower by mid-2020. Cash rate predictions have fallen substantially since the start of the year. There is one key reason the RBA will continue to cut interest rates. The central bank now believes the unemployment rate needs to be below 4.5 per cent to push inflation from the current rate of 1.3 per cent up to its 2 to 3 per cent target range. Typically, lower unemployment contributes to higher inflation. The RBA previously thought that an unemployment rate of about 5 per cent was low enough for inflation to reach the 2-3 per cent target. In a recent speech, Dr Lowe explained the RBA’s updated thinking:“the Australian economy can sustain a higher rate of employment growth and a lower unemployment rate than previously thought likely”. With the unemployment rate currently at 5.1 per cent and under-employment remaining elevated at 8.5 per cent, lower interest rates are needed to give the economy a boost and push the unemployment rate below 4.5 per cent. So the cash rate will likely end up at 0.75 per cent or even 0.5 per cent in the next year. Lenders passed on most of the July rate cut. However, it will become harder for banks to pass on any future rate cuts in full as most bank deposit rates are at or approaching zero per cent. Even with less than complete pass-through, the typical variable mortgage holder is likely to be paying an interest rate of just above 3 per cent by the end of the year.

Fiscal stimulus might be needed to boost the economy The RBA has pushed the government to deploy “fiscal stimulus”, either in the form of increased spending or tax cuts, to provide a boost to the economy. Dr Lowe recently stated that “we should also be looking at other ways to get closer to full employment. One option is fiscal policy, including through spending on infrastructure”. Typically, the short-term fine-tuning of the economy is left to the RBA, with fiscal stimulus only used in times of crisis. However, with interest rates approaching zero, fiscal stimulus may be needed to give a short-term boost to the economy. There are drawbacks to using fiscal stimulus to boost economic growth. First, it is difficult for the government to inject money into the economy immediately, except in the form of tax rebates or cash handouts. The “stage one” tax rebate will provide a small but immediate, boost to household incomes. However, spending on infrastructure, even for planned projects, can take months or years to begin. Second, there is the likelihood that money spent on infrastructure will be spent badly. Money is more likely to be allocated to projects in marginal seats, rather than on the most needed projects. Even so, in times of crisis, some waste may be justified to avoid the dire consequences of a recession, such as elevated unemployment. Despite the arguments for fiscal stimulus the government has reaffirmed its commitment to a budget surplus in 2019-20. The government should be open to adjusting its position if the economy continues to slow and unemployment doesn’t fall. Another alternative to fiscal stimulus is for the RBA to adopt unconventional monetary policies, such as buying government bonds or other financial assets, to reduce interest rates. These strategies have been used overseas when interest rates have approached zero and would be an effective way for the RBA to boost the economy when interest rates cannot be lowered any further.

The unemployment rate is just above 5 per cent but the RBA thinks it needs to be at 4.5 per cent. Trend, Monthly

11 Stabilising property prices could help the economy We forecast that property price falls seen in most capital cities are expected to end later this year, with modest price growth in 2020. Lower interest rates should help turnaround property prices. Lower rates have increased property prices in the past and should still push up prices but the effect of lower interest rates may be more muted now. Two other factors will contribute to the market turning around in 2019. First, the Coalition’s election victory means there will be no changes to negative gearing rules, which were likely to push down prices. Second, the banking regulator has removed the requirement for banks to assess a borrower’s ability to repay a loan at a mortgage rate of at least 7 per cent. Instead, banks will be required to use an assessment rate of 2.5 percentage points above the offered rate. Combined with lower interest rates, this will effectively mean the maximum amount an applicant will be able to borrow will increase by about 15 per cent. However, some new bank lending rules are coming, which will likely mean the net impact on bank lending will be smaller. Other factors should underpin modest price growth over the next 18 months. Annual population growth of 1.75 per cent is expected over the next few years, In addition, new housing construction is declining, which will also support price growth. We expect only modest price growth in 2020. Tight lending conditions persist, household debt remains high, which means households and investors are cautious and elevated prices means housing affordability is still a problem. On top of that, growth in wages is expected to remain weak.

More cuts to come The official interest rate is now at a record low of 1 per cent but the RBA is likely to cut rates even further in the next year. However, these cuts may not be enough to turnaround a slowing economy. Fiscal stimulus — in the form of tax cuts, cash handouts or spending on infrastructure may be required to give the economy the boost it needs. Even though the impact of lower interest rates on property prices will likely be smaller than in the past, lower rates will be a key reason for property prices bottoming-out later this year.


Victorian state budget review Spending on infrastructure such as roads, schools and public space has a significant impact on property prices. In our ongoing review of infrastructure spending in Melbourne, this article looks at the recent Victorian State Budget and where investment is earmarked for our office locations and surrounds.

Priority precincts The Victorian Government has identified key urban precincts that will be a focus for investment. These precincts are Parkville, Arden, Fishermans Bend, Sunshine and the Richmond to Docklands corridor. Victoria now has a Minister for Priority Precincts, Gavin Jennings, who has been allocated $25 million from the 2019/20 budget. Fisherman’s Bend will be a mixed use precinct of 80,000 residents along with new schools and parklands. At Arden a new station is being constructed for the 15,000 new residents and at Parkville a Biomedical precinct is evolving with the assistance of private-sector investment. Meanwhile the Melbourne Arts Precinct transformation project will include an elevated inner-city park and new pedestrian connections from Southbank and the Yarra, through to St Kilda Road.

Education New school construction announced in the budget includes McKinnon Secondary College, Docklands Primary School, Fishermans Bend Secondary School and Fitzroy Gasworks

(new campus). There will be upgrades to Kensington Primary School, South Yarra Primary School, Auburn High School, Murrumbeena Primary School and Hampton Park Secondary College. The Budget also announced planning for Albert Park College, the Victorian College of the Arts Secondary School, Port Melbourne Primary School, St Kilda Primary School, Glen Huntly Primary School, Kew High School, the Southern Autistic School, Tucker Road Bentleigh Primary School and Windsor Primary School

Transport Level crossing removals have been progressing throughout Melbourne and new works announced in the budget include the Mont Albert and Union Road crossing in Surrey Hills. Also announced was a $1.6 million upgrade to the Canterbury Road and Bedford Road intersection in Heathmont. Cycling and pedestrian paths also gained funding with $45.4 million to plan a strategic cycling corridor between Box Hill and Hawthorn plus new bike lanes will be built on St Kilda Road.

Victoria: Houses and units approved for construction

Change in population over the 12 months to September 2018

Annual number of net overseas migrants by states and territories


Foreign investment in residential property The softening of the housing market has created opportunities for foreign buyers to re-enter the Australian property market. This is a contentious issue for local buyers and the ongoing regulation of foreign investment continues to generate discussion. Foreign housing investment creates construction jobs and increases government revenue via taxes such as stamp duty. However, housing affordability issues have encouraged governments to introduce tighter regulations and bigger fees on foreign investors. There are now significant barriers to entry for foreign buyers wishing to purchase Australian residential property. The recent Victorian State Government Budget announced an increase in tax paid by foreign property investors from 7 to 8 percent from July 1, bringing Victoria’s rate into line with New South Wales. Foreign buyers must also pay an application fee to buy a residential property - $5,000 for properties under $1 million and $10,000 for over $1 million with an extra $10,000 for each additional million dollars in property value. In addition, banks have tightened lending to foreign buyers and China now has tighter capital rules for citizens. Remember also that foreign buyers need to apply to buy residential property to Australia’s Foreign Investment Review Board (FIRB) which generally only grants permission to purchase new dwellings rather than existing housing.

According to (1) foreign investment in Australian property reached a record $72 billion in 2015/16 but a 2016 Treasury study stated “foreign demand has accounted for only a small proportion of the increase in property prices in recent years”. Since this boom time, foreign investment has decreased significantly with just $13 billion invested in 2017/18 according to the FIRB. However a new report by international property website suggested Chinese buyers may be coming back into the Australian market citing the “desire to get a bargain while the market is soft”. The report also states Chinese buyers may now prefer Australia as an investment location compared with the USA and the relative affordability of the Australian dollar makes Australia an attractive alternative. (1) Emma Sorensen, ‘The facts about foreign buyers’,, published 02 May 2019

Buying off-the-plan, opportunities in current market The re-election of the Morrison government and subsequent removal of uncertainty around negative gearing has seen prestige property buyers coming back into the off-the-plan market. Director of Marshall White Projects, Mark Dayman, says that the people who were previously buyers and retreated to become researchers, are now back in the property market. “In the first half of 2019, a number of prospective purchasers had been apprehensive to over committing on off the plan purchases given the changes to most funders lending criteria,” said Mark. “APRA’s recent decision to reduce the percentage at which people are stress tested has been welcomed by the majority of prospective purchasers,” he said. According to Mark, confidence is a critical factor influencing the off the plan market and this has improved since the start of the year. “The residential market and the off the plan market are inextricably linked, particularly for empty nesters,” said Mark. “This group needs to be certain they will receive an appropriate price for their family home, leaving enough to purchase off the plan as well and the ability to retire comfortably. If these figures don’t add up, they will simply wait,” said Mark. Off-the plan buying is particularly popular with buyers wanting to sell their family home and downsize luxuriously. If you’re an owner occupier, the fact your home is brand new will reduce maintenance issues for years and it’s often more desirable knowing nobody has lived in your property previously. For investors, better depreciation allowances for new properties and the cash flow advantages associated with negative gearing is always appealing.

Marshall White Projects launched a number of successful projects in the first half of 2019, including “Highgreen” ( “Highgreen achieved a sell-out result with buyers being professional couples and downsizers seeking a distinctive design at an appropriate price,” said Mark. “The project has been a shining success where other projects in close proximity have failed,” he said. From a townhouse perspective Hotham & Carlisle (www. was also an outstanding success due to the size of each residence and price point. “Any townhouse development where the average size and subsequent price point is below the median price point of a house for the same suburb will always be attractive to aspirational couples and investors,” said Mark. Marshall White Projects works predominantly with owner occupiers, however statistics recently issued by realestate. indicate the proportion of buyers looking to either owner occupy or invest is about 50/50. “This high percentage of quality investors has prompted Marshall White Projects to offer geographical areas and product types to adequately meet the requirements of both owner occupiers and investors,” said Mark. Examples of such projects include Verse townhouses in Sunshine catering to an investor market (www.versesunshine. and St James park luxury apartments in Hawthorn catering to owner occupiers ( Marshall White Projects will soon launch at least six projects including high end townhouses in Burke Road, Camberwell and owner occupier apartments in Cherry Road, Balwyn. “We are already seeing buyers coming back into the off-theplan market and we’re expecting a busy second half of the year,” said Mark.


Projects and developments Throughout the financial year of 2018/2019 Marshall White Projects continued to dominate in and around our residential offices of Stonnington, Boroondara, Port Phillip and Bayside, whilst expanding into suburbs along growth corridors where townhouses or ‘house and land’ packages continue to be increasingly popular.

Highlight Developments

Central Park | 2a Nyora Street, Malvern East

St James Park | 1a Yarra Street, Hawthorn

Given the off the plan competition throughout Stonnington, then you must get everything right when you offer apartments in Malvern East, particularly when you offer an average price point of in excess of $2 million

When a developer has just celebrated twenty five years and during that time set about creating a number of the most iconic residential buildings throughout metropolitan Melbourne, then the “leap of faith” often required to buy off the plan becomes a small step forward.

Central Park does just that, starting with the unique advantage of a location opposite Central Park Gardens and easy car access to private garages off Nyora Street. Specialists in designing for the empty nester market, Architects Ewart Leaf’s timeless floor plates will allow the downsizer to scale down without compromising luxury or lifestyle. Roulston and Buxton Group continue their highly regarded collaboration in creating a truly boutique group of only twenty opportunities over three levels of both easy and secure living.

Bensons Property Group working in collaboration with CHT Architects take full advantage of the northern orientation to St James Park and the excellent infrastructure the “city” side of Hawthorn offers. Already these twenty apartments, averaging in excess of $2.5 million each have been coveted by the downsizer and professional couple alike St James Park is affirmation of the old adage “build it and they will come” and Marcus Group will do just that, anticipating completion in the third quarter of 2020.

Financial Year 2018-2019 Comparison Financial Year: 2017 - 2018

Financial Year: 2018 - 2019

Calendar 2019 - to date

Average off the plan sale price




Sales up to $750,000 (of total)







Sales over $1,250,000 (of total)




Buyer appointments




Sales betweem $750,000 $1,250,000 (of total)

Stonnington The Marshall White Stonnington office had a successful financial year in 2018/2019, achieving number one market share across all sales categories over $1 million. In total, the office sold 312 properties, amounting to a 27% market share across the board. Highest ranking suburbs include, Glen Iris, Toorak, Malvern East and Armadale. The median sale price for all properties in Stonnington was $2,100,000, an increase of 16% from five years ago when the median was $ 1,810,000.

Highlight Sales

2 Chastleton Avenue, Toorak

347-349 Wattletree Road, Malvern East

Commanding breathtaking city views, the brand new luxury residence brilliantly constructed by Toorak builder DL Property Group, designed by architect Drew Cole and landscaped by Jack Merlo was well-marketing and received generous press coverage. At the forefront of contemporary design and luxury, this unique home received an exceptional result selling in the vicinity of $13,500,000.

One of the area’s most beautiful and admired homes, this classic English-style brick residence located in a coveted family domain near Central Park, a range of schools, shops, cafés and trams, sold in May with an excellent presence across print and digital. Attracting 3 bidders the home sold, exceeding the vendors expectations.

Median Prices by Suburb Industry statistics for median house prices in Stonnington between 1 July, 2003 – 30 June, 2019


Financial Year: 2003 - 2004

Financial Year: 2008 - 2009

Financial Year: 2013 - 2014

Financial Year: 2018 - 2019






Glen Iris















Malvern East










South Yarra















Source: Property Data Business Analyst, median house prices for indicated financial year


The Boroondara office of Marshall White sold 371 properties and sold more premium homes over $2 million than any other agency. The median price for Boroondara sits at $1,900,000 which is up 18% from five years ago when the median price was $ 1,614,000. Suburbs well above the area median the financial year of 2018/2019 included Glen Iris, Camberwell, Hawthorn, Hawthorn East and Kew. The suburbs that are primarily accountable for properties sold at $3 million and above include Hawthorn, Hawthorn East and Kew.

15 Crellin Grove, Camberwell

4 Bramley Court, Kew

Rarely do homes of such distinction and style come along. Steeped in sophistication, the listing presented a very rare opportunity to attain an as-new premium family residence, in a prestigious locale. Achieving the highest price for Camberwell in 2019 thus far, the sale was the product of an outstanding negotiation with an international buyer. Put to market with an expressions of interest campaign, it resulted in an exceptional sales result of $4,700,000.

A brilliant collaboration by BuildCraft Homes, Taouk Architects and Cos Design, resulted in the breathtaking brand new contemporary residence. Sold in May, to a family seeking the ultimate contemporary lifestyle in an exclusive Sackville Ward cul de sac. Close to elite schools, the Burke Road and Cotham Road trams, Auburn station and the Glenferrie Road shopping strip, the home sold in excess of $7,000,000 - an outstanding result that left both our vendors and purchasers delighted.

Median Prices by Suburb Industry statistics for median house prices in Stonnington between 1 July, 2003 – 30 June, 2019


Financial Year: 2003 - 2004

Financial Year: 2008 - 2009

Financial Year: 2013 - 2014

Financial Year: 2018 - 2019











Balwyn North

























Glen Iris










Hawthorn East










Kew East





Mont Albert





Surrey Hills





Port Phillip Marshall White retained the number one agency ranking for houses sold above $1 million in Port Phillip during the financial year of 2018/2019 selling over double the amount of properties of our nearest competitor. The median sale price for all properties in Port Phillip was $1,670,000, an increase of 17% from five years ago when the median was $1,425,000.

Highlight Sales

144 Canterbury Road, Middle Park

15 Robe Street, St Kilda

Displaying evocative period grandeur and elegance, this charming triple fronted Brick Edwardian sold under the hammer, in for $3.645.000. In a highly sought after location opposite Albert Park Lake, the light rail and walking distance to Middle Park Village, schools and the beach property sold well above reserve with 4 bidders.

This illustrious period residence is in a class of its own. Majestically surrounded by 856sqm approx. of glorious landscaped gardens with 3 street frontages, its captivating blend of c1880 Victorian and c1910 Arts and Crafts elegance and 21st century designer style creates a breathtaking domain only moments from the beach, buzzing Acland and Fitzroy St restaurants, shops and trams. Sold following a successful Expression of Interest campaign.

Median Prices by Suburb Industry statistics for median house prices in Port Phillip between 1 July, 2003 – 30 June, 2019


Financial Year: 2003 - 2004

Financial Year: 2008 - 2009

Financial Year: 2013 - 2014

Financial Year: 2018 - 2019

Albert Park










Middle Park





Port Melbourne





St Kilda





St Kilda East





St Kilda West





Source: Property Data Business Analyst, median house prices for indicated financial year


Bayside In the financial year of 2018/2019, our Marshall White Bayside office achieved the highest number of sales for properties over $3 million in the market, amounting to a market share of 24%. The median prices for all properties sold in Bayside was $1,900,000, a significant increase of 23% from five years ago when the median was $1,540,000. Sales for homes between $2-3 million were dominated by Brighton, Brighton East and Hampton.

Highlight Sales

32 Cosham Street, Brighton

6 Tennyson Street, Brighton

Magnificent like-new home near Church Street, the beach and schools merges architectural vision, a deluxe interior and big land with exceptional finesse. This home incorporates a true sense of privilege and privacy on 1,100 square metres of land approx. with large living spaces and lift access to three levels. Sold in May after a successful Expressions of Interest campaign.

The magnificent home in a prestige beachside street, sold with a unique international reach strategy. The successful purchasers were seeking an exclusive address in close proximity to the beach and prestige schools. Utilising the Marshall White WeChat accounts, 5 bidders contested for the home, which sold in the vicinity of $4,500,000.

Median Prices by Suburb Industry statistics for median house prices in Bayside between 1 July, 2003 – 30 June, 2019


Financial Year: 2003 - 2004

Financial Year: 2008 - 2009

Financial Year: 2013 - 2014

Financial Year: 2018 - 2019






Black Rock










Brighton East




















Hampton East