Noel Jones Quarterly Market Wrap - 2019 Q1

QUARTERLY MARKET REPORT January - March 2019

noeljones.com.au

About Noel Jones

Established 1977

10 office locations

150+ team members

1 major charity partner

Over $289,000 raised for Ovarian Cancer Australia

Multiple community sponsorship agreements

Community events held each year

810 properties sold in 2018

4736 rentals managed (December 2018)

Office locations Balwyn 289 Whitehorse Road +61 3 9830 1644

Croydon 38 McAdam Square +61 3 9879 4422

Glen Iris 58 High Street +61 3 9885 2444

Box Hill 532 Station Street +61 3 9899 6466

Doncaster 702 Doncaster Road +61 3 9848 7888

Ringwood 265 Maroondah Hwy +61 3 9879 4422

Blackburn 67-69 Railway Road +61 3 9877 1855

Mitcham 560 Mitcham Road +61 3 9837 4444

Wantirna 10/322 Mountain Hwy +61 3 8720 6333

Camberwell 883 Toorak Road +61 3 9809 2000 noeljones.com.au The data shown in this booklet has been sourced from CoreLogic , REIV and Domain and should be used as a guide only.

THE MARKET REPORT It appears that vendors and buyers have recalibrated their expectations in line with the current marketplace.

Whilst Melbourne did see a minor decline of 1.4% in houses and 0.5% in units/apartments in Quarter 1 (Q1) many consider this a positive result, especially as throughout the quarter, it was obvious that a federal election was imminent. As with any critical vote, a forthcoming election creates a sense of uncertainty, as such, many people put major spending decisions on hold, deciding instead to take a wait and see approach.

It’s also positive to note that some inner-city suburbs have started to see early signs of recovery; namely Glen Iris and Balwyn North - two suburbs within Noel Jones’ local office territories - who recorded increases of 4.3% and 4.2% respectively this quarter.

The following table shows how all Noel Jones offices performed in their local markets in Q1, and also compared to Q4 2018. Whilst Balwyn has remained the most stable across the 12-month period, a highlight for Q1 must go to Glen Iris with an increase of 4.3%, and to Doncaster who recorded a very slight decline of 0.30% across the quarter.

Q1 2019

Suburb

Median House Price

Change since Q4 2018

Balwyn

$ 1,925,000

- 12.7%

Blackburn

$ 1,102,500

- 8.1%

Box Hill

$ 1,690,000

Not applicable

Camberwell

$ 1,835,000

- 12.6%

Croydon

$ 710,000

- 7.8%

Doncaster

$ 1,156,000

- 0.3%

Glen Iris

$ 1,820,000

+ 4.3%

Mitcham

$ 830,000

- 8.0%

Ringwood

$ 750,888

- 13.2%

Wantirna

$ 760,000

- 9.3%

Daniel D’Assisi, Director of Noel Jones Doncaster shared his thoughts; “the first quarter of the year has proven to be a lot more stable and predictable than the back end of 2018, with owners now more in tune with where the market is sitting, after a time of fairly rapid change.”

Daniel continued, ”I also believe that purchasers have a greater understanding that it’s important that they have pre-approval for their finance before making an offer, with lending conditions tighter than what we’ve seen in the past”.

Daniel also supports the notion that the upcoming election has caused a sense of trepidation in the marketplace, however, says that those with the need to secure a family home are less likely to hold off purchasing, in comparison to perhaps an investor or developer who may be more affected by potential post-election changes.

There is definitely some correlation between the suburb by suburb results that showed Glen Iris and Balwyn North experiencing pleasing growth in the quarter, with their municipalities seeing the smallest amount of decline in the areas Noel Jones predominantly service.

Municipalities

Change since Q4 2018

Change in past 12 months

Boroondara

- 3.7%

- 5.1%

Knox

- 9.6%

- 3.0%

Manningham

- 6.4%

- 2.6%

Maroondah

- 9.1%

- 3.5%

Monash

- 4.4%

- 4.7%

Stonnington

- 3.0%

- 3.5%

Whitehorse

- 4.2%

- 4.3%

Yarra Ranges

- 6.0%

- 1.4%

There were a number of suburbs within Noel Jones municipalities that also saw excellent results this quarter.

Suburb

Median House Price

Change since Q4 2018

Box Hill South

$ 971,000

+ 8.7 %

Bulleen

$ 1,140,000

+ 8.9%

Canterbury

$ 2,559,000

+ 16.3%

Knoxfield

$ 785,000

+ 10.1%

Montrose

$ 1,010,000

+ 44.3%

North Warrandyte

$ 1,230,500

+ 27.7%

Nunawading

$ 988,000

+ 8.0%

Vermont South

$ 1,104,000

+ 8.2%

from Noel Jones Ringwood said their year started smoothly, without any great variation from the back end of 2018. She stated “we have vacancy rates of around 0.8% at the moment which is considerably lower than the state average. We consistently manage rates of under 1% by ensuring that any application that is received for a property is classed as the highest priority; this is a key focus across the whole team.”

Kirk Stafford, Noel Jones Blackburn’s Property Management Team Manager also reported a pleasing start to 2019.

“We’ve been experiencing strong demand and resultant enquiry for some while; somewhere in the vicinity of 1000+ enquiries each month, leading to 600 or so inspections, and in many cases multiple applications for each property.“ Stafford continued, “we’ve been consistently increasing asking rents and achieving them, and our monthly moving vacancy rates are currently between 0.25% and 0.33%”.

Based on vacancy rates of 2.2% in Melbourne, and 1.2% in regional Victoria for the month of March, its important to note that both rental offices were very pleased with their vacancy rates in Q1.

With early signs of recovery to the start of the year in both Noel Jones sales and rental businesses; it is a promising sign of things to come.

We engaged two of our highly successful rental departments to gain some insight on how the year started within the Noel Jones business.

Kerry Lucas, Senior Property Manager Data sourced from reiv.com.au and domain.com.au

2 Djundaly Rise, Ringwood North Sold for $ 1,305,000

Want to know what your property is worth?

Contact a Noel Jones office today.

3 Tyne Street, Box Hill North Sold for $ 1,119,000

7c Francis Crescent, Mount Evelyn Sold for $ 1,120,000

MAROONDAH Maroondah

Median Price March 2019

House: $ 750,000 Unit: $ 545,000 Change in median house price Mar 2018 to Mar 2019

-3.5%

25 Ruthven Way, Ringwood East Sold for $ 1,125,000

Change in median unit price Mar 2018 to Mar 2019

-3.2% Median price by suburb Suburb

House

Unit

Bayswater North

$ 702,663

$ 519,000

Croydon

$ 710,000

$ 486,500

Croydon Hills

$ 883,000

-

Croydon North

$ 800,000

-

Croydon South

$ 693,000

-

Heathmont

$ 830,500

-

Kilsyth (part)

$ 619,000

$ 510,500

Kilsyth South

-

-

Park Orchards (part) -

-

Ringwood

$ 750,888

$ 613,500

Ringwood East

$ 765,000

$ 566,000

Ringwood Nth (part) $ 867,500

-

Vermont (part)

$ 898,000

-

Warranwood

$ 900,000

-

Wonga Park (part)

$ 1,111,000

-

January - March 2019 Quarter

2 Billabong Close, Croydon Hills Sold for $ 905,000

10 Midhurst Road, Croydon Sold for $ 695,000

A rebuild in Ringwood East Suburb Ringwood East

This property was briefly on the market with another agency

Location 3 Walhalla Drive

Mike Muncey and the pitch of a new direction & marketing plan,

Features 6 bedrooms 2 bathroom 2 car spaces

The property had been significantly damaged by a fire with one half

12 months ago, and following a referral recommendation of Noel Jones Ringwood was selected as the new listing agent.

of the home needing considerable renovation or replacement. The home was a prominent property positioned with other large upscale homes surrounding it and within a close-knit neighbourhood.

Sold for $ 710,000

Noel Jones Ringwood took the brief of embracing the reality and

Office Noel Jones Ringwood

photography filter to reflect a bushfire, to specifically shoot the

Director Mike Muncey

opportunity of the property by marketing the home with a sepia damaged areas of the property and use a live video to showcase the work required.

The reasoning for this strategy was to showcase what the property presented - a significant renovation opportunity for a builder or tradesperson to renovate the property and return it back to a liveable and expansive home.

Multiple offers were received from buyers looking to renovate the property and restore the property to what had been a cherished family home. It was a great result for all, including many of the neighbours who also congratulated Mike, as the damaged property was a prominent talking point in the neighbourhood.

BOROONDARA

Median Price March 2019

House: $ 1,810,000 Unit: $ 700,000 Change in median house price Mar 2018 to Mar 2019

-5.1%

13 Turner Street, Glen Iris Sold for $ 1,815,000

Change in median unit price Mar 2018 to Mar 2019

-1.0% Median price by suburb Suburb

House

Unit

Ashburton

$ 1,572,500

-

Balwyn

$ 1,925,000

$ 1,021,000

Balwyn North

$ 1,565,000

$ 917,000

Camberwell

$ 1,835,000

$ 700,000

Canterbury

$ 2,559,000

$ 1,355,000

Deepdene

-

-

Glen Iris

$ 1,820,000

$ 567,000

Hawthorn

$ 1,890,000

$ 536,250

Hawthorn East

$ 2,300,000

$ 617,500

Kew

$ 1,824,500

$ 741,500

Kew East

$ 1,780,000

$ 881,000

Surrey Hills

$ 1,652,500

$ 745,000

January - March 2019 Quarter

23 Nepean Street, Glen iris Sold for $ 1,742,500

2 Kellett Grove, Kew Sold for $ 1,500,000

MANNINGHAM Manningham

Median Price March 2019

House: $ 1,133,000 Unit:

$ 690,000

Change in median house price Mar 2018 to Mar 2019

-2.6%

18 Cavalier Street, Doncaster East Sold for $ 1,180,000

Change in median unit price Mar 2018 to Mar 2019

-3.0% Median price by suburb Suburb

House

Unit

Bulleen

$ 1,140,000

$ 859,444

Doncaster

$ 1,156,000

$ 561,000

Doncaster East

$ 1,115,000

$ 765,000

Donvale

$ 1,125,000

$ 627,500

Nunawading

$ 988,000

$ 511,500

Park Orchards

-

-

Ringwood Nth (part) $ 867,500

-

Templestowe

$ 829,250

$ 1,110,000

Templestowe Lower $ 1,028,000

$ 743,500

Warrandyte

$ 1,245,000

-

Warrandyte South

-

-

Wonga Park (part)

$ 1,111,000

-

January - March 2019 Quarter

13 Chapel Court, Doncaster Sold for $ 1,380,000

9 Bayley Grove, Doncaster Sold for $ 730,000

Loyalty & experience leads the way Suburb Box Hill South Location 14 Wellman Street Features 4 bedrooms 2 bathrooms 1 study 1 car space Sold for $ 1,615,000 Office Noel Jones Box Hill Director Ted Shackleton Agent Angela Athanasiadis

Having previously sold the vendor’s property 25 years ago, it was the trust and belief they had in Ted Shackleton, Director of Noel Jones Box Hill, along with his 30 years experience in the real estate industry that secured the listing over 2 competing agents who pitched for the business.

This beautifully presented home was a delight to offer to the market. There were over 80 groups who inspected the property and three independent building inspections conducted on the property.

The floorplan appealed to the buyers along with the generous accommodation on offer; young families in particular were very interested as they could see value in all the local amenities, especially the many nearby schools.

The auction itself started slowly and then with a solid opening bid, the competition on auction day accelerated.

Three bidders were heavily engaged and took the property to a sale price of $ 1,615,000, being $ 115,000 over the reserve price.

Noel Jones Box Hill now have ecstatic vendors and very happy purchasers with glowing testimonials from all parties.

WHITEHORSE

Median Price March 2019

House: $ 1,015,000 Unit: $ 667,500 Change in median house price Mar 2018 to Mar 2019

-4.3%

Change in median unit price Mar 2018 to Mar 2019

15 Drewett Street, Surrey Hills Sold for $ 2,098,000

-2.5% Median price by suburb Suburb

House

Unit

Balwyn North (part)

$ 1,565,000

$ 917,000

Blackburn

$ 1,102,500

$ 782,500

Blackburn North

-

-

Blackburn South

$ 902,500

-

Box Hill

$ 1,690,000 $ 546,000

Box Hill North

$ 1,018,888

$ 738,000

Box Hill South

$ 971,000

-

Burwood (part)

$ 980,500

$ 700,000

Burwood East

$ 930,000

-

Forest Hill

$ 821,900

-

Mitcham

$ 830,000

$ 500,500

Mont Albert

$ 1,706,500

-

Mont Albert North

$ 1,201,000

-

Nunawading (part)

$ 988,000

$ 511,500

Surrey Hills (part)

$ 1,652,500

$ 745,000

Vermont South

$ 1,104,000

-

January - March 2019 Quarter

2 Gordon Street, Mont Albert Sold for $ 1,791,000

1/3 Cromwell Court, Blackburn Sold for $ 1,451,000

Well above expectations Suburb Blackburn South Location 9 Constance Street Features 3 bedrooms 1 bathroom 2 car spaces Sold for $ 998,000 Office Noel Jones Blackburn Agents Paul Leydin Nadine Roberts

The sale of 9 Constance Street, Blackburn South by Noel Jones Blackburn was a highlight result for the first quarter of 2019.

The property offered a number of options - a great first home move-in ready, an opportunity to develop being a corner block and further opportunity to extend/renovate as required.

The property was highly sought after with over 4000 internet clicks, 100 people inspecting the home and opens for inspection conducted on Saturdays and Sundays as a point of difference.

Quoting $ 850,000 - $ 900,000 and a reserve price in the range, competition on the day was strong with five bidders and an end result of $ 998,000 being well above expectations.

The new purchasers were a young couple who had recently sold their unit the week or so prior and were ready to purchase. They had prepared all their due diligence including a building and pest inspection and came with a solid auction day bidding strategy assisted by their selling agent who bid for them on their behalf .

With over 80 people in attendance on a nice sunny, warm auction day - agents Paul Leydin and Nadine produced a great result for all concerned.

KNOX

Median Price March 2019

House: $ 710,000 Unit: $ 550,000 Change in median house price Mar 2018 to Mar 2019

-3.0%

Change in median unit price Mar 2018 to Mar 2019

11 Pamela Court, Scoresby Sold for $ 630,000

-2.3% Median price by suburb Suburb

House

Unit

Bayswater

-

$ 472,000

Boronia

$ 648,000

$ 550,000

Ferntree Gully

$ 652,500

$ 505,000

Knoxfield

$ 785,000

-

Lysterfield (part)

-

-

Rowville

$ 781,500

$ 535,000

Scoresby

$ 715,000

-

The Basin

-

-

Upper Ferntree Gully

-

-

Wantirna

$ 760,000

-

Wantirna South

$ 870,000

-

5/245 Bayswater Road, Bayswater North Sold for $ 600,000

January - March 2019 Quarter

32 Elliot Street, Knoxfield Sold for $ 760,000

Anytime.

Anywhere.

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