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PROPERTY MARKET REPORT QUARTER 3 2019


MARKET REPORT Victoria’s housing market is bouncing back strongly, with September quarter results confirming what the Noel Jones team are experiencing first hand on a daily basis: strong buyer inquiry, enthusiasm literally on both sides of the fence, prices surging, higher sales numbers and, particularly in Noel Jones’ case, excellent auction results. While some suburbs enjoyed significant price growth over the quarter, including Balwyn, Wantirna and Camberwell whose house prices grew by 22.3%, 16.3% and 16.1% respectively, the overall Melbourne median house price increased by 4.5% to $830,000, the highest quarterly result since March 2017. Unit prices also gained solid ground, attracting 3.9% growth to take the median unit price to a comfortable $613,500. It was also very encouraging to see seven of the soughtafter suburbs with a resident Noel Jones office attract excellent price growth (Table 1), while some neighbouring suburbs’ prices literally skyrocketed (Table 3). In particular, Hawthorn East and Box Hill South’s median price soared by 46.4% and 41.8% respectively for the quarter, while Ashburton and Surrey Hills also enjoyed significant price increases. With the wider municipalities across the eastern suburbs also reflecting positive growth for the quarter (Table 2), and in particular Stonnington, Whitehorse, Boroondara and Knox, annual growth figures are a reminder that the market is in the midst of a recovery.

Table 1

Local Median House Prices by Suburb

Suburb

Median House Price

Quarterly Change

Balwyn

$2,450,000

22.3%

Blackburn

$1,300,000

-5.9%

Box Hill

$1,693,500

7.2%

Camberwell

$2,210,000

16.1%

Croydon

$725,000

6.6%

Doncaster

$1,277,500

14.1%

Ringwood

$865,500

13.5%

Wantirna

$955,500

16.3%

Table 2

Q3 2019

Local Municipal Trends

Municipalities

Annual Change

Quarterly Change

Boroondara

6.4%

14.4%

Knox

-2.8%

11.2%

Manningham

-0.8%

11.2%

Maroondah

0.8%

9.8%

Monash

-4.2%

15.7%

Stonnington

1.7%

8.5%

Whitehorse

-2.5%

16.4%

Yarra Ranges

3.2%

4.6%

The signs of recovery, however, are indeed very strong. Amidst several factors contributing to the upswing, REIV President Leah Calnan cites warmer weather, interest rate reductions, and the easing of lending criteria as major contributors. Michael Hill, our Senior Property Consultant at Wantirna, agrees that easier access to finance had a massive impact, with average numbers at opens spiking from 5 to 30 in the last three months. “We saw a rapidly changing market,” adds Michael. “From a very quiet first half of 2019, buyers were suddenly back in force in July and have been consistently flowing back since. With any pre-election uncertainty over and banks lending money again, confidence has returned to the market.” He also suggests vendors should list their property quickly given current stability, while buyers are advised to bid to their maximum at auction and bid confidently to avoid missing out. With finance flowing and banks lending, the market also suddenly saw a range of cultural groups, both local and overseas, return to the market, according to David Fileccia, Director of the Balwyn office.


While the City of Whitehorse led the charge with Monash and Boroondara close forerunners, unit prices also strengthened across the municipalities, while a large number of individual suburbs (as per Table 3) also enjoyed notable increases in property values.

the quarter. Graph 1

Auction Clearance Rates for 2019 Q3

Paul Leydin, auctioneer and partner at Noel Jones Blackburn, is seeing a buoyant market between avid buyer activity and competitive buying and bidding. “With stock levels low, buyers should have their finances in order and be ready to act quickly and confidently, while vendors,” he adds, “should act now to get the jump on the busy spring market, thereby minimising competition with others.” “Land prices,” he adds, “are also a barometer of how the market is tracking. Once they start increasing, housing follows suit. With a massive undersupply of properties to meet demand, and several interest rate cuts facilitating both buying and re-buying post sale, now is the time for vendors who’d been sitting it out to invest in improving and marketing their property strongly, or simply selling and upgrading, while maximising returns at the other end.” Table 3 Other Well-Performing Suburbs Suburb

Median House Price

Quarterly Change

Burwood

$ 1,060,000

6.6%

Forest Hill

$ 887,500

6.4%

Kew

$ 1,936,250

6.1%

Box Hill North

$ 1,124,000

12.2%

Mont Albert North

$ 1,405,000

17.0%

Surrey Hills

$ 1,819,000

15.1%

Templestowe

$ 1,350,000

12.5%

Wonga Park

$ 1,402,500

26.2%

Did You Know? Noel Jones’ auction clearance rates frequently surpass the wider industry average reported by the REIV. In fact, the team achieved an 83% clearance rate (Graph 1) for the September quarter, compared to the REIV’s 76% for the same period. While Noel Jones almost consistently exceeds the average week after week, they also achieved a 100% auction clearance rate on several occasions throughout

Rental Market Report The eastern suburb’s rental market has also been strong, according to Jacqui Lacey, Head of Property Management at Noel Jones Camberwell, with high turnouts at opens allowing the team to offer landlords a choice of suitable tenants. At the same time, a handful of tenants have given notice to vacate, likely due to buying property amidst competitive interest rates. Vacancies are tight, with the team consistently maintaining a lower than average vacancy rate for the area, and an attractive 1% vacancy rate compared to wider Melbourne’s 1.8% for the September quarter. Jacqui attributes this to high quality professional photography, multiple open for inspection opportunities, including up until 6.30pm mid-week during daylight savings, and an experienced team that goes well beyond securing tenants and looking after properties. In seeking a suitable management agency, suggests Jacqui, the first question any landlord should ask is, ‘How experienced is your team?’

Data sourced from reiv.com.au and domain.com.au


BOROONDARA

Median Price September 2019 House: $ 2,010,000 Unit: $ 746,750 Change in median house price June Quarter to Sept. Quarter

9.7%

34 Mount Ida Avenue, Hawthorn East Sold for $ 2,425,000 3 2

1

23 Saturn Street, Balwyn North Sold for $ 1,478,500 4 2

2

Change in median unit price June Quarter to Sept. Quarter

8.7% MEDIAN PRICE BY SUBURB SUBURB

HOUSE

UNIT

Ashburton

$ 1,788,888

-

Balwyn

$ 2,450,000

$ 813,000

Balwyn North

$ 1,725,000

$ 1,237,000

Camberwell

$ 2,210,000

$ 860,000

Canterbury

-

$ 864,500

Deepdene

-

-

Glen Iris

$ 2,075,000

$ 615,000

Hawthorn

$ 1,905,000

$ 585,250

Hawthorn East

$ 2,475,000

$ 580,000

Kew

$ 2,160,800

$ 789,500

Kew East

$ 1,858,000

-

Surrey Hills

$ 1,999,000

$ 755,000

July - September 2019 Quarter

88 Durham Road, Surrey Hills Sold for $ 2,370,000 4

2

3


KNOX

Median Price September 2019

House: $ 805,250 Unit: $ 601,000 Change in median house price June Quarter to Sept. Quarter

7.5%

Change in median unit price June Quarter to Sept. Quarter

22 Haygarth Court, Wantirna South Sold for $ 1,200,000 5 3

5

35 Olive Grove, Boronia Sold for $ 890,000

1

13.8% MEDIAN PRICE BY SUBURB SUBURB

HOUSE

UNIT

Bayswater

$ 732,500

$ 585,444

Boronia

$ 702,000

$ 557,000

Ferntree Gully

$ 722,000

-

Knoxfield

$ 750,000

-

Lysterfield (part)

$ 937,400

-

Rowville

$ 860,000

$ 636,500

Scoresby

$ 783,500

-

The Basin

-

-

Upper Ferntree Gully

$ 643,500

-

Wantirna

$ 955,500

-

Wantirna South

$ 1,031,000

$ 780,000

July - September 2019 Quarter

3

2

85 Mowbray Drive, Wantirna South Sold for $ 960,000 3 2

3


MANNINGHAM Manningham

Median Price September 2019 House: $ 1,205,500 Unit: $ 765,500 Change in median house price June Quarter to Sept. Quarter

6.4%

Change in median unit price June Quarter to Sept. Quarter

4 Chapel Court, Doncaster Sold for $ 1,410,000 4

3

2

4 Murphy Road, Doncaster East Sold for $ 1,102,000 3 1

1

-0.6% MEDIAN PRICE BY SUBURB SUBURB

HOUSE

UNIT

Bulleen

$ 1,117,000

$ 802,000

Doncaster

$ 1,277,500

$ 597,000

Doncaster East

$ 1,180,000

$ 920,000

Donvale

$ 1,350,500

$ 781,000

Nunawading

$ 899,000

$ 694,000

Park Orchards

$ 1,425,000

-

Ringwood Nth (part) $ 883,000

-

Templestowe

$ 1,375,000

$ 706,000

Templestowe Lower $ 1,095,000

$ 919,000

Warrandyte

$ 1,060,000 -

Warrandyte South

-

-

Wonga Park (part)

$ 1,215,000

-

July - September 2019 Quarter

1/1 McLeod Street, Doncaster Sold for $ 795,000 4

2

1


MAROONDAH Maroondah

Median Price September 2019 House: $ 810,000 Unit: $ 605,000 Change in median house price June Quarter to Sept. Quarter

8.3%

Change in median unit price June Quarter to Sept. Quarter

10 Hygeia Parade, Ringwood North Sold for $1,276,000 4 2

5

5.2% MEDIAN PRICE BY SUBURB SUBURB

HOUSE

UNIT

Bayswater North

$ 746,250

$ 464,000

Croydon

$ 725,000

$ 542,500

Croydon Hills

$ 803,000

-

Croydon North

$ 815,250

-

Croydon South

$ 722,000

-

Heathmont

$ 985,000

$ 650,000

Kilsyth (part)

$ 641,000

$ 612,500

Kilsyth South

-

-

Park Orchards (part) -

-

Ringwood

$ 865,500

$ 533,000

Ringwood East

$ 756,750

$ 685,000

Ringwood Nth (part) $ 883,000

-

Vermont (part)

$ 995,500

-

Warranwood

$ 996,000

-

Wonga Park (part)

$ 1,215,000

-

July - September 2019 Quarter

14 Walmer Street, Ringwood Sold for $ 1,111,000 4

2

54 Bemboka Road, Warranwood Sold for $ 1,050,000 4 2

2

2


WHITEHORSE

Median Price September 2019 House: $ 1,150,000 Unit: $ 752,500 Change in median house price June Quarter to Sept. Quarter

12.2%

Change in median unit price June Quarter to Sept. Quarter

33 Devon Street, Box Hill South Sold for $ 1,189,000 3 1

2

5.1% MEDIAN PRICE BY SUBURB SUBURB

HOUSE

UNIT

Balwyn North (part)

$ 1,725,000

-

Blackburn

$ 1,300,000 $ 696,000

Blackburn North

$ 993,000

-

Blackburn South

$ 1,063,000

-

Box Hill

$ 1,693,500

$ 725,000

Box Hill North

$ 1,201,000

$ 891,000

Box Hill South

$ 1,292,888

$ 775,000

Burwood (part)

$ 1,191,000

$ 934,000

Burwood East

$ 1,103,000

-

Forest Hill

$ 927,250

$ 887,500

Mitcham

$ 942,000

$ 735,000

Mont Albert

$ 1,842,500

$ 627,500

Mont Albert North

-

$ 785,000

Nunawading (part)

$ 899,000

$ 694,000

Surrey Hills (part)

$ 1,999,000

$ 755,000

Vermont South

$ 1,176,000

-

July - September 2019 Quarter

7 Basingstoke Road, Mitcham Sold for $ 925,000 3

2 Hartigan Street, Blackburn Sold for $ 1,530,000 3

1

1

2

2


Character clinker in high demand Suburb Box Hill South Location 33 Devon Street Features 3 bedrooms 1 bathroom 2 car spaces Sold for $ 1,189,000 Office Noel Jones Box Hill Agents Ted Shackleton Angela Athanasiadis

The sale of 33 Devon Street, Box Hill South by Noel Jones Box Hill was a highlight result for the third quarter of 2019. The property located in a highly desirable family neighbourhood, enjoys a tree lined street and leafy surrounds. This combined with it’s location just moments from Box Hill’s vibrant restaurant, shopping and entertainment precinct, and close proximity to an array of local public transport options had great appeal. The property was well received by purchaser’s and proved very popular having over 160 inspections. The quote range was $900,000- $990,000 with the expectation to sell in the upper range. The auction began vigorously with Ted declaring the property on the market at $1,040,000. 8 bidders drove the price up and the property was sold for $1,189,000 the Vendors were delighted having set the reserve on the day of $990,000. The purchasers are a young couple from Melbourne’s outer east and our delighted vendors are now looking forward to a sea change.


About Noel Jones

Established 1977

8 office locations

140+ team members

1 major charity partner

Over $300,000 raised for Ovarian Cancer Australia

Multiple community sponsorship agreements

RENT

Community events held each year

774 properties sold (18/19 Financial Year)

4377 rentals managed (18/19 Financial Year)

Office locations Balwyn 289 Whitehorse Road +61 3 9830 1644

Camberwell 883 Toorak Road +61 3 9809 2000

Ringwood 265 Maroondah Hwy +61 3 9879 4422

Box Hill 532 Station Street +61 3 9899 6466

Croydon 38 McAdam Square +61 3 9879 4422

Wantirna 10/322 Mountain Hwy +61 3 8720 6333

Blackburn 67-69 Railway Road +61 3 9877 1855

Doncaster 702 Doncaster Road +61 3 9848 7888

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.

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