QUARTER 2 | 2020
PROPERTY MARKET REPORT
MARKET REPORT Q2 2020
Q2 was approached with a reasonable amount of uncertainty, courtesy of the ongoing COVID-19 pandemic. Within this period, the guidelines the industry was required to work within were modified numerous times, however, throughout it all, agents worked closely with their vendors, adapting rapidly, and continuing to deliver outstanding results. Reflecting on Melbourne’s median house price year on year, it reveals an upward turn of 6.1%, which is a pleasing result given the uncertainty that existed in the last 4 months of FY20. In isolation, Q2 shows a decrease in price to $864,000 which is a drop of 3.5%; this was after 4 periods of consecutive growth. By contrast, units decreased by a smaller margin, recording a drop of 2.5%.
Year on year though, they delivered an increase of 6.4%, slightly more than their counterparts. Regardless of the small adjustment across the board this quarter, the market is in a stronger position overall than it was in 2019. Pleasingly, each of Noel Jones’ base suburbs experienced growth across the 12-month period, with year on year results reflecting continued buyer confidence; Mitcham, Camberwell and Blackburn led the way, each delivering double figure increases. Paul Leydin, Partner and Auctioneer at Noel Jones Blackburn stated that despite all the doom and gloom that had been predicted, both Blackburn and the eastern corridor held up well. He stated “In the period we have been through, any growth is good growth.
The median house price for metropolitan Melbourne was $ 864,000 for the June quarter, an increase of 6.1% year on year.
It’s an encouraging sign, and shows that buyers have confidence in our area, largely thanks to the infrastructure in place”. When asked about levels of interest, he reflected, saying “Numbers have been good. There have been genuine buyers attending what has been for the most part, private inspections. They are motivated and generally have their finance in place, and they’re at an advanced stage of the process.”
Local median house price by suburb suburb
median house price
annual change
Balwyn
$ 2,206,000
0.6%
Blackburn
$ 1,450,000
12%
-
-
$ 2,300,000
12.5%
$ 750,000
3.6%
Box Hill Camberwell Croydon Doncaster Mitcham
$ 1,230,000
9.1%
$ 949,000
13.7%
Ringwood
$ 902,500
7.4%
Wantirna
$ 840,000
8.7%
Local median unit price by suburb suburb
median unit price
annual change
Balwyn
$ 600,000
18.4%
Blackburn
$ 820,500
-0.1%
$ 600,125
25.3%
$ 1,005,750
11.4%
$ 591,000
7.3%
Box Hill Camberwell Croydon Doncaster
$ 626,000
4.5%
Mitcham
$ 660,500
13.9%
Ringwood
$ 572,750
-0.1%
-
-
Wantirna
When asked about his predictions for the coming months, he replied that there had been many challenging times over the years, with economic downturns, high unemployment rates and global recessions, but he believes that this is an industry that has proven to be resilient, and if you have a long term real estate strategy, you’ll see positive returns. There was another outstanding result reflected in the REIV Quarterly Results for Q2, this time when looking at results by municipality. Of the 31 municipalities in Melbourne, only 3 recorded double-digit growth year on year when looking at median house price, with Whitehorse delivering the strongest annual change of 13.5%. Whitehorse also achieved doubledigit growth of 10.1% when looking at median unit prices, falling just behind Nillumbik and Monash who saw year on year growth of 13.1 and 12.4% respectively. With Mitcham and Blackburn both delivering exceptional results, there is no doubt they’d have been strong contributors to this outcome. We are now into Q3, and the coming weeks will see us operating under Stage 4 restrictions within metropolitan Melbourne. The effects of this are yet unknown, but if the past months have shown us anything, it’s that there is still a strong demand for properties within our great city. With stock numbers low, and demand for housing high, there may never have been a better time to sell your home. noeljones.com.au
Boroondara Median Price June 2020 HOUSE
$ 1,950,000
Change in median house price year on year
UNIT
$ 727,500
Change in median unit price year on year
7.6%
6.8%
46 Mailing Road, Canterbury 4 SOLD $ 1,720,000
2
2
198 High Street, Kew SOLD $ 1,200,000 median price by suburb suburb
-
Balwyn
$ 2,206,000
$ 600,000
3
$ 1,772,500
$ 1,060,000
Camberwell
$ 2,300,000
$ 1,005,750
Canterbury
$ 2,675,000
-
Deepdene
2A Staughton Road, Camberwell
-
-
$ 1,875,000
$ 675,500
Hawthorn
$ 2,007,500
$ 677,000
Hawthorn East
$ 2,295,000
$ 937,500
Kew
$ 2,180,000
$ 741,500
Kew East
$ 1,732,500
-
Surrey Hills
$ 1,650,000
$ 767,500
Glen Iris 2
2
unit
$ 1,550,000
Balwyn North
SOLD $ 1,580,000
house
Ashburton
Apr - June 2020 Quarter
Manningham Median Price June 2020 HOUSE
$ 1,205,000
Change in median house price year on year
$ 798,000
Change in median unit price year on year
5.9%
2 Walker Street, Doncaster SOLD $ 1,205,000
UNIT
4.8%
4
2
2
370 Old Warrandyte Road, Ringwood Nth 5 2 2 SOLD $ 2,001,000 median price by suburb suburb Bulleen Doncaster
$ 1,230,000
$ 626,000
Doncaster East
$ 1,225,000
$ 932,500
Donvale
$ 1,244,000
$ 767,250
$ 930,000
$ 650,000
-
-
$ 1,012,500
-
Park Orchards
95 High Street, Doncaster
Ringwood Nth (part) 4
1
2
unit $ 850,000
Nunawading
SOLD $ 872,500
house $ 1,164,250
Templestowe
$ 1,430,000
-
Templestowe Lower
$ 1,090,000
$ 762,500
Warrandyte
$ 1,156,000
-
Warrandyte South
-
-
Wonga Park (part)
-
-
Apr - June 2020 Quarter
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Maroondah Median Price June 2020 HOUSE
$ 815,500 UNIT $ 600,000
Change in median house price year on year
Change in median unit price year on year
6.0%
4.9%
11 Peppermint Place, Croydon Hills 4 2 SOLD $ 1,038,000
2
10 Belle Vue Avenue, Ringwood SOLD $ 1,180,000 5
2
4
median price by suburb
2/37 Ainslie Park Ave Croydon SOLD $ 620,000
2
1
1
suburb
house
Bayswater North
$ 697,500
unit -
Croydon
$ 750,000
$ 591,000
Croydon Hills
$ 922,500
-
Croydon North
$ 995,000
-
Croydon South
$ 800,000
-
Heathmont
$ 981,250
-
Kilsyth (part)
$ 672,500
$ 580,000
Kilsyth South
-
-
Park Orchards (part)
-
-
$ 902,500
$ 572,750
Ringwood East
$ 905,000
$ 595,000
Ringwood Nth (part)
$ 1,012,500
-
Vermont (part)
$ 1,211,000
$ 859,000
Warranwood
$ 874,000
-
-
-
Ringwood
Wonga Park
Apr - June 2020 Quarter
Whitehorse Median Price June 2020 HOUSE
$ 1,162,700
UNIT
Change in median house price year on year
$ 749,000
Change in median unit price Dec quarter to June quarter
13.5%
10.1%
25 Malcolm Street Blackburn 4 SOLD $ 1,705,000
2
1
28 Sharrow Road, Mitcham SOLD $ 1,150,000
4
2
2
median price by suburb suburb Balwyn North (part)
house
SOLD $ 680,000
2
1
1
$ 1,060,000
Blackburn
$ 1,450,000
$ 820,500
Blackburn North
$ 1,043,000
$ 740,000
Blackburn South
$ 1,105,000
-
-
$ 660,125
Box Hill North
$ 1,261,888
$ 732,000
Box Hill South
$ 1,239,000
$ 752,500
Burwood (part)
$ 1,100,000
$ 790,000
Box Hill
3/71 Dorking Rd, Box Hill North
unit
$ 1,772,500
Burwood East Forest Hill Mitcham
$ 995,900
-
$ 1,006,000
$722,000
$ 949,000
-
-
-
Mont Albert Mont Albert North
$ 1,345,000
-
Nunawading (part)
$ 930,000
$ 650,000
Surrey Hills (part) Vermont Vermont South
$ 1,650,000
$ 767,500
$ 1,211,000
$ 859,000
$ 1,150,000
-
Apr - June 2020 Quarter
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AGENT SERVICE THAT
goes above and beyond SUBURB
Clayton
LOCATION
9 Leaf Court FEATURES
2 bedrooms 1 bathroom 2 car garage SOLD FOR
$520,000 OFFICE
Noel Jones Wantirna AGENTS
Dylan Hare Angelo Salvo
Set in a quiet, tree-lined cul-de-sac, the home boasts 2 light-filled levels that are well zoned for a comfortable existence. With the ground floor offering a generous open plan space combining the home’s living-dining area and then 2 bedrooms upstairs, the home has great appeal. The listing agents met the client at an open inspection held in the local Wantirna area. Unsuccessful in purchasing this particular property, they did still manage to upsize to a big family home in the area. Based on the customer service provided by the Noel Jones Wantirna agents, and despite not living locally, the client decided to list their property with the office. Having bought before being ‘sold’, and being anxious first time sellers, the agents managed to get them through a very difficult period, matched settlements to the day, and sold well above their price expectation.
Why Noel Jones? + Longevity and demonstrated ability to traverse all manner of market conditions and trends.
ESTABLISHED 1977
+ A 9-office network, ensuring both group support and highly personalised service – and that you won’t get lost in the shuffle. + Unrivalled eastern suburbs exposure, the Noel Jones brand recognised as a major brand locally and beyond. + Access to the combined resources and expertise of a highly
STRATEGICALLY LOCATED BOUTIQUE NETWORK
trained, multi award-winning team of property professionals. + The use of highly advanced technology for fast, effective communication, efficient, streamlined systems and stress-free sales processes. +
150+ EXPERIENCED TEAM MEMBERS
Buyer-matching and tracking systems for instant buyer alerts.
+ Regular communication, feedback and activity reports for keeping vendors informed of all relevant developments. + A group culture of cooperation, good people delivering great service, reliability and maintaining close, proactive working relationships with our valued clientele.
EXTENSIVE BUYER DATABASE
+ Broad, targeted marketing reach across a dynamic range of marketing platforms for bringing more buyers to your doorstep. + An unmatched record of success across the spectrum, from small apartments to multi-million dollar mansions. + Decades of experience in negotiating benchmark prices,
EXCEPTIONAL PERSONALISED SERVICE
implementing winning sales strategies and highly competitive auctioneering. + A commitment to sound practice, impeccable business ethics, and community support.
The data shown in this booklet has been sourced from CoreLogic , REIV and Domain and should be used as a guide only.
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For more information contact your local Noel Jones expert today or find your nearest office at noeljones.com.au
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