Noel Jones Quarterly Market Wrap - 2020 Q3

QUARTER 3 | 2020

PROPERTY MARKET REPORT

MARKET REPORT Q3 2020

Despite the turbulant market conditions the property market endured during the peak of covid-19 lockdown, the September 2020 market results have come in with remarkably positive results. According to The Domain “Melbourne house and unit prices showed incredible resilience over the strict lockdowns placed to combat COVID-19 outbreaks. House prices held steady at $875,980 and unit prices fell a marginal 0.1 per cent to $536,659 over the September quarter.”

Looking at the rental market over the Semptember quarter, The Domain said ‘The pandemic has had a once in a lifetime impact on the rental market, reducing demand at a time supply has bounced.’ Despite this, house rent has remained bouyant increasing 2.3% for the quarter to $440, while unit rents dropped by 3.6% to $400.

Across the Noel Jones eight offices, there were many succuess stories over the last three months in both the sales and rental departments with the Noel Jones agents going above and beyond to deliver positive results to all parties involved.

HOUSE PRICE HOLDS AT $875,980

UNIT PRICES DOWN 0.1% TO $536,659

MEDIAN HOUSE RENT UP 2.3% TO $440

MEDIAN UNIT RENT DOWN 3.6% TO $400

September 2020 QoQ Change, thedomain.com.au

SOLD DURING COVID LOCATION

11 Halley Street, Blackburn FEATURES

4 bedrooms 2 bathroom

within a tight deadline This home was sold on a tight deadline along with the covid-19 lockdown upon Melbourne. The buyer of the property saw it the day before lockdown, with the agents able to then begin the negotiaton process. The purchaser of the home also settled on the property during lockdown, which was great for them and the owner as the home was vacant. To note this sale was a record price for Blackburn for a new home under 600sqm.

2 car garage SOLD FOR

Undisclosed

OFFICE

AGENT

Noel Jones Blackburn

Robert Simpson noeljones.com.au

ONLINE AUCTION LOCATION

12 Halls Parade, Mitcham FEATURES

4 bedrooms 1 bathroom

delivers outstanding result This property at 12 Halls Parade, Mitcham was one of the first online auctions Noel Jones Mitcham executed at the start of Melbourne’s lockdown. Noel Jones Mitcham ensured they had a suite of new technologies to use during lockdown to connect potenital purchasers to the property and to provide an engaging online auction. Moving the campaign forward, the online auction had multiple bidders on the day and delivered a strong result for the happy vendors.

2 car garage SOLD FOR

$1,012,000

OFFICE

AGENTS

Noel Jones Mitcham

Mike Muncey, Paige Crofts, Melissa Van Der Linden noeljones.com.au

SOLD IN 21 DAYS LOCATION

4 Yeoman Lane, Chirnside Park FEATURES

3 bedrooms 2 bathroom 2 car garage SOLD FOR

$612,000

in a restricted market The happy vendor of 4 Yeoman Lane, Chirnside Park gave a glowing testimonial following their successful sales campaign in a restricted market: “This is the second time we have used Ryan to sell a property for us and if we are still in the area we would again. We put our house on the market right as covid-19 hit... and sold in 21 days which was amazing but what I appreciate more with Ryan is that he is honest with what to expect and each time delivered. He didn’t sell us hype like other agents. Highly recommended!” - Vendor OFFICE

AGENT

Noel Jones Croydon

Ryan Evans noeljones.com.au

BUYER FOUND LOCATION

343a Hull Road, Mooroolbark FEATURES

3 bedrooms 2 bathroom 2 car garage SOLD FOR

$690,000

in twenty-four hours This home went online the Monday before new restrictions were announced. On Tuesday it was announced that by Thursday no inspections would be allowed, leaving just 24 hours to find a buyer. Unperturbed by the challennge ahead the agent, Dylan Hare, organised 5 private inspections for that evening resulting in two offers - one at the top of the range and more than the owners had hoped for. “Market Buy� then allowed the agent to present those offers to the vendor without needing to meet in person.

OFFICE

AGENT

Noel Jones Wantirna

Dylan Hare noeljones.com.au

URGENT LEASE REQUIRED LOCATION

821 Burwood Road Hawthorn FEATURES

3 bedrooms 1 bathroom

property manager delivers This property at 821 Burwood Road, Hawthorn leased within two weeks, providing an outstanding result for the landlord in a difficult market. The applicants needed to relocate urgently during this difficult time of Melbourne lockdown and despite not being able to view the property in person they were able to use Noel Jones Balwyn’s online technology and lease the property via the available online video.

2 car garage LEASED FOR

$620 pw

OFFICE

Noel Jones Balwyn

AGENT

Candice Ayton noeljones.com.au

LEASED IN 2 WEEKS LOCATION

6A Calcutta St Mitcham FEATURES

3 bedrooms 3 bathroom

sight unseen

This property was first put up for sale with the identical townhouse next door just before Melbourne entered lockdown restrictions. Being a hard market the vendor decided to lease the properties instead. The property leased within 2 weeks, sight unseen while in lockdown with the highest rent in the area at $650 pw.

2 car garage LEASED FOR

$650 pw

OFFICE

AGENT

Noel Jones Mitcham

Ivy Mao noeljones.com.au

LEASE SECURED LOCATION

4/16 Brenbeal Street Balwyn FEATURES

2 bedrooms 1 bathroom 2 car garage LEASED FOR

$450 pw

via online video, within two weeks Landlords concerns that this property would have difficulty leasing during covid-19, at a time when in person inspections were not allowed and the Melbourne property market was effectively on hold, were unfounded when the managing agent found the successful applicant. Moving from South Australia and needing to relocate to Melbourne for work, the applicant secured the property via online video and will be moving in start of November. Property was leased within two weeks.

OFFICE

AGENT

Noel Jones Balwyn

Rita Zoumboulis noeljones.com.au

For more information contact your local Noel Jones expert today or find your nearest office at noeljones.com.au

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