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Market Report Quarter 2 FY 18


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Market summary

689

83%

71%

Properties sold by Max Brown Real Estate Group in 2017

Auction clearance rate (Max Brown)

Auction clearance rate for Victoria (REIV)

61

1.50%

$600K

Suburbs Max Brown Real Estate Group sold properties in throughout 2017

Is the current RBA Target Cash Rate, November 2010 is the last time the RBA has increased the Target Cash Rate

Is the maximum price where first home buyers pay no stamp duty

$594,500

$430

$415

Median Unit and Apartment Price in Metropolitan Melbourne

Is the median weekly rent for houses in Metropolitan Melbourne

Is the median weekly rent for units in Metropolitan Melbourne

(Source: REIV)

(Source: REIV)

(Source: REIV)

131,622

32

220

Property transactions took place in Victoria November 2016 November 2017

Average days on market in Melbourne, November 2016 (REIV)

Properties leased by Max Brown Real Estate Group in 2017

DISCLAIMER: While care has been taken to ensure that information contained is true and correct at the time of publication, changes after the time of publication may impact on the accuracy of this information and interested parties should rely on their own enquiries.

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Property Management Information OUR PROPERTY MANAGEMENT TEAM IS

RELIABLE, PASSIONATE AND EXPERIENCED Our stringent processes and systems ensure you receive the maximum return on your investment in the most professional manner possible. RESIDENTIAL TENANCIES ACT 1997 ‘Fairer Safer Housing’ is a program established by the Victorian Government to ensure Victorians have access to safe, affordable and secure housing. A component of this program is the review of the Residential Tenancies Act 1997, which governs renting in Victoria, despite being over 20 years old. The review will ensure that regulation of Victoria’s rental sector meets the needs of tenants and landlords. Whilst we welcome the update to this legislation we also have some concerns about the announced reforms as they have the potential to negatively impact both Landlords and Property managers such as: • Landlords unable to unreasonably refuse consent for pets • Bond capped at one months’ rent for all tenancies less than $760 per week • Allowing tenants to make minor property modifications • Limiting the use of ‘end of fixed term’ notices to vacate • Removal of the Notice to Vacate for no specified reason We recommend that both tenants and landlords take the time to read through the proposed changes via the Consumer Affairs Victoria website.

3 SIGNS YOU NEED A PROPERTY MANAGER:

1

2

3

You have multiple properties

You don’t want to or have the time to complete day-to-day management work

You don’t have an understanding of tenancy law

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Recently Leased - MORE WANTED!

LEASE PER WEEK $525 16 Arwon Court, LILYDALE

4

2

2

LEASE PER WEEK $555 19 Baker Street, LILYDALE

LEASE PER WEEK $550 51 Highland Avenue, CROYDON

4

2

LEASE PER WEEK $410 3 2 2 7/33-37 Karingal Street, CROYDON NORTH

LEASE PER WEEK $400 1/11 Janet Street, BORONIA

1

2

LEASE PER WEEK $400 54 Herbert Street, BORONIA

3

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6

3

2

2

2

2


Marketing snapshots:

Shire of Yarra Ranges SUMMARY Most of the recent population growth in Yarra Ranges has occurred in the urban area of Lilydale and Chirnside Park, consequently increasing the demand for property within the area. In recent years, we have seen an increase in medium density dwelling types in the urban areas of the Yarra Ranges creating a lifestyle to suit everyone.

Owned outright: 34%

49.4%

50.6%

are male

(www.yarraranges.vic.gov.au).

Renting: 14.5%

OWNERSHIP STATUS OF OCCUPIED PRIVATE DWELLINGS

are female

The population in 2016 was

149,537 40

(www.abs.gov.au)

The median age in 2016 was

Owned with mortgage: 48.2%

MEDIAN HOUSE PRICES SUBURB

Belgrave Chirnside Park Coldstream Healesville Kilsyth Lilydale Montrose Mooroolbark Mount Evelyn

SEPTEMBER QTR 2017

DECEMBER QTR 2017

QUARTERLY CHANGE (%)

ANNUAL CHANGE (%)

$615,000 $730,000 NA $570,000 $713,444 $702,000 $700,000 $728,500 $667,083

$667,000 $745,000 $600,000 $660,000 $690,000 $753,500 $750,000 $735,000 $652,600

8.5% 2.1% NA 15.8% -3.3% 7.3% 7.1% 0.9% -2.2%

11.8% 16.2% 13.2% 22.1% 17.1% 13.9% 15.6% 18.0% 15.4%

Source: REIV Median Price is defined as the price of a property that falls in the middle of the total number of houses sold over a period of time.

UPCOMING PROJECTS IN THE AREA Yarra Valley Trail Project

Kilsyth Centre of Excellence

Civic centre redevelopment

The new Yarra Valley Trail will connect with the iconic Lilydale to Warburton Rail Trail, as well as local townships between Lilydale, Yarra Glen, Healesville, Woori Yallock and Warburton. It will provide a new place for walking, jogging, cycling and horse riding in natural areas, encouraging local community members and visitors to lead healthy and active lifestyles.

The new Kilsyth Centre of Excellence will benefit all levels of Australian Rules. Specialising in delivering education programs, coach and player development programs, an AFL Youth Girls Academy, as well as provide an administrative base for the AFL Yarra Ranges Region Commission.

Yarra Ranges Council is embarking on a Civic Centre Redevelopment at its Anderson Street offices in Lilydale. The project will involve the construction and refurbishment of office space and the creation of new public space that will be available for Council and community use.

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(www.yarraranges.vic.gov.au)


Recent Sales in:

Shire of Yarra Ranges

SOLD $605,000 4 22 Primary Street, MOOROOLBARK

2

1

SOLD $629,000 3 103 Cambridge Road, MOOROOLBARK

SOLD $735,000 3 20 Jacaranda Avenue, KILSYTH

2

2

SOLD $786,000 12 Foulds Court, MONTROSE

5

2

2

SOLD $560,000 16 Lena Grove, KILSYTH

1

1

SOLD $1,580,000 4 10 Townsend Grove, MONTROSE

2

4

3

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Recent Sales in:

Shire of Yarra Ranges

SOLD $920,000 8 Benito Court, LILYDALE

4

2

2

SOLD $1,290,000 5 300 Sheffield Road, MONTROSE

2

6

SOLD $825,000 4 1 Polaris Way, CHIRNSIDE PARK

2

3

SOLD $635,000 3 15 Everton Road, MOUNT EVELYN

1

2

SOLD $761,000 4 10 Kingsburgh Lane, LILYDALE

2

2

SOLD $680,000 72a Geoffrey Drive, KILSYTH

2

2

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Recent Sales in:

Shire of Yarra Ranges

SOLD $741,000 68 The Gateway, LILYDALE

4

2

2

SOLD $1,060,000 4 25 Kingsburgh Lane, LILYDALE

2

2

SOLD $702,500 2 27 Irvine Street, MOUNT EVELYN

1

2

SOLD $790,000 7 Natanya Way, KILSYTH

3

2

2

SOLD $863,000 4 35 Timberglades Road, MONTROSE

3

2

SOLD $760,000 4 13 Marna Street, HEALESVILLE

2

3

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Marketing snapshots:

City of Maroondah SUMMARY With many upgrades in the past decade including the opening of Eastlink and the redevelopment of Eastland, demand for property in Maroondah has steadily increased with Croydon experiencing the Melbourne’s largest quarterly increase for median house price (June 2017), up more than 20 per cent to a median of $810,000.

Owned outright: 32.7%

48.4%

51.6%

are male

Renting: 23.9%

OWNERSHIP STATUS OF OCCUPIED PRIVATE DWELLINGS

are female

The population in 2016 was

110,376 38

(www.abs.gov.au)

The median age in 2016 was

Owned with mortgage: 40.6%

MEDIAN HOUSE PRICES SEPTEMBER QTR 2017

DECEMBER QTR 2017

QUARTERLY CHANGE (%)

ANNUAL CHANGE (%)

Bayswater North

$748,000

$735,000

-1.7%

17.4%

Croydon

$825,000

$822,500

-0.3%

16.1%

Croydon Hills

$906,000

$935,000

3.2%

17.8%

Croydon North

$843,500

$887,000

5.2%

14.6%

Croydon South

$770,278

$800,000

3.9%

20.1%

Heathmont

$938,500

$925,500

-1.4%

10.6%

$920,500

$955,000

3.7%

12.9%

$1,010,000

$900,000

-10.9%

15.0%

SUBURB

Ringwood Ringwood East Ringwood North

$982,000

$952,500

-3.0%

13.6%

$1,134,000

$1,200,000

5.8%

10.0%

Warranwood

NA

$935,000

NA

5.6%

Wonga Park

$1,260,500

$1,165,000

-7.6%

-12.5%

Vermont

Source: REIV Median Price is defined as the price of a property that falls in the middle of the total number of houses sold over a period of time.

UPCOMING PROJECTS IN THE AREA Croydon Town Square Council is constructing a new Croydon Town Square, creating a new vibrant open space in the heart of Croydon. Once completed, the project will provide great benefits to the area and will better connect Main Street to Croydon Station and Bus Interchange – building on the work of the recent Croydon Connects Project.

Ringwood Lake Park play space redesign Ringwood Lake Park play space will benefit from a $900,000 redevelopment in 2018. The design features a network of play trails that weave through the existing trees.

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HE Parker multi-sports complex Council has been successful in receiving funding grants to upgrade the current netball facilities, within the HE Parker sports precinct in Heathmont. (Maroondah City Council, 2017)


Recent Sales in:

City of Maroondah

SOLD $861,000 4 2 90 Croydon Hills Drive, CROYDON HILLS

3

SOLD $780,000 4 2 9 Jonathan Close, BAYSWATER NORTH

2

SOLD $1,000,000 7 Carlyle Street, CROYDON

3

1

1

SOLD $523,500 2 1/71 Kent Avenue, CROYDON

1

1

SOLD $905,000 12 Haig Street, CROYDON

3

1

1

SOLD $720,000 3 4/8 Bennison Street, CROYDON

2

2

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Recent Sales in:

City of Maroondah

SOLD $995,000 5 Victory Street, CROYDON

2

1

1

SOLD $750,000 3 73 Lyons Road, CROYDON NORTH

2

2

SOLD $425,000 2 3/5 Kincumber Drive, CROYDON

1

1

SOLD $935,000 10 Haig Street, CROYDON

2

1

1

SOLD $840,000 3 10 Carmen Court, RINGWOOD

1

2

SOLD $610,000 2 6/24 Pascoe Avenue, CROYDON

1

1

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Recent Sales in:

City of Maroondah

SOLD Contact Agent 4 6 Heywood Street, RINGWOOD

2

2

SOLD Contact Agent 4 2 2 145 Warrandyte Road, RINGWOOD NORTH

SOLD $570,000 2 3/24 Munro Street, RINGWOOD

1

1

SOLD $825,000 58 Plymouth Road, CROYDON

SOLD $692,000 3 24 Ramble Crescent, CROYDON

1

2

SOLD $594,500 2 2/331 Dorset Road, CROYDON

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3

1

1

1


Marketing snapshots:

City of Knox SUMMARY The City of Knox has experienced a rapid development in housing and business in the past three decades and is now reaching a period of consolidation. With great schools, parklands and facilities on offer, suburbs within The City of Knox have experienced strong growth and increase in median property prices over the past 12 months.

Owned outright: 34.1%

48.9%

51.1%

are male

OWNERSHIP STATUS OF OCCUPIED PRIVATE DWELLINGS

are female

The population in 2016 was

The median age in 2016 was

39

(ABS, Census 2016)

154,110

Renting: 19.7%

Owned with mortgage: 42.5%

MEDIAN HOUSE PRICES SEPTEMBER QTR 2017

DECEMBER QTR 2017

QUARTERLY CHANGE (%)

ANNUAL CHANGE (%)

Bayswater

$797,000

$837,000

5.0%

14.0%

Boronia

$756,000

$780,000

3.2%

18.2%

Ferntree Gully

$775,000

$748,050

-3.5%

13.6%

Knoxfield

$815,000

$899,000

10.3%

12.8%

Lysterfield

$955,115

$1,150,000

20.4%

21.7%

Rowville

$891,750

$923,500

3.6%

12.5%

Scoresby

$927,750

$877,000

-5.5%

25.9%

The Basin

$699,000

NA

NA

NA

Wantirna

$987,500

$975,500

-1.2%

18.4%

$1,069,000

$1,041,000

-2.6%

14.3%

$666,000

$745,000

11.9%

21.5%

SUBURB

Wantirna South Upper Ferntree Gully

Source: REIV Median Price is defined as the price of a property that falls in the middle of the total number of houses sold over a period of time.

UPCOMING PROJECTS IN THE AREA Fairpark Reserve Masterplan, Ferntree Gully Construction work will soon commence on the first stage of works which is the development of a social area. This will include a shelter, barbeque, picnic tables, drinking fountain and bike racks.

Chandler Park, Boronia

Westfield Knox

Council have completed a new play space, shelter, picnic facilities and sports court near the existing netball courts.

A $450 million upgrade has been approved for Westfield Knox, expanding the current shopping centre. (www.knox.vic.gov.au)

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Recent Sales in:

City of Knox

SOLD $525,000 2 2/7 Allandale Road, BORONIA

1

1

SOLD $693,000 3 2 8/978 Mountain Highway, BORONIA

2

SOLD $415,000 2 6/180 Boronia Road, BORONIA

1

1

SOLD $996,000 4 37 St Davids Drive, WANTIRNA

2

2

SOLD $530,000 2 6/51 Herbert Street, BORONIA

1

1

SOLD $680,500 79 Albert Avenue, BORONIA

1

1

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Recent Sales in:

City of Knox

SOLD $708,000 3 2 2 6 Mountain Ash Court, UPPER FERNTREE GULLY

SOLD $660,000 3 9 Percival Street, BAYSWATER

SOLD $685,000 3 7 Rio Court, FERNTREE GULLY

2

2

SOLD $795,000 18 Berrabri Drive, SCORESBY

SOLD $445,000 2 2/180 Boronia Road, BORONIA

1

1

SOLD Contact Agent 37 Kilcatten Rise, ROWVILLE

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2

3

5

2

2

2

8


Testimonials / Feedback: ‘Thank you for your fantastic efforts. We are so

‘Very helpful staff- prompt replies.

pleased we chose you to sell Nancy’s house.

Very easy to deal with. Thanks!’

We are all really happy with the outcome and

MONBULK ROAD, MONBULK

we would have no hesitation in recommending you to our friends in the future’

‘Our expectations were met and we achieved

RAMBLE CRESCENT, CROYDON

the price we wanted. Very satisfied with Max Brown’

‘Very satisfied with the professional and

BENITO COURT, LILYDALE

friendly services provided to us, always helpful!’

‘The service exceeded our expectations,

HEYWOOD STREET, RINGWOOD

they continued to provide us with guidance, knowledge and kept us informed throughout

‘Great communication and feedback, kept us

the whole process. Their experience and

fully informed about the sales campaign’

advice resulted in the fantastic price we got.’

ALLANDALE AVENUE, CROYDON

CAMBRIDGE ROAD, MOOROOLBARK

‘Confident knowledge of the area, market and

‘Professional, courteous, respectful, friendly

‘outside the box’ thinking. They understood

and reliable. We would have no hesitation in

the best tactic to market our unique block.

recommending to our friends and family, we

Fabulous service and outcome- I was blown

thank you for a job well done’

away with the result.’

NICHOLAS STREET, LILYDALE

HOLLOWAY ROAD, CROYDON NORTH

‘Provided excellent support throughout the ‘Kept us up to date all the time and worked

whole process and assisted in making the

hard to achieve a great result.’

process go as smooth as possible’

JEEVES AVENUE, KALORAMA

MUNRO STREET, RINGWOOD

‘Efficient and Professional’

‘A1 service- we are so appreciative for a great experience’

KINGSBURGH LANE, LILYDALE

PLYMOUTH ROAD, CROYDON

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10 things to do when selling your home:

1 Call Max Brown Real Estate Group (Leave the other 9 to us!)


Skilled and dedicated with a history of providing high quality real estate services to the community since 1958, Max Brown Real Estate Group is committed to delivering the best outcome to property owners, buyers and tenants.

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