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. Read the latest articles from Noel Jones online. noeljones.com.au/articles