Noel Jones Quarterly Market Wrap: July - September 2018

Quarterly Market Wrap noeljones.com.au

July-September 2018

About Noel Jones

Established 1977

10 office locations

180+ team members

1 major charity partner

Over $260,000 raised for Ovarian Cancer Australia

Multiple community sponsorship agreements

Community events held each year

1070 properties sold in 2017

4530 rentals managed (June 2017)

Office locations Balwyn 289 Whitehorse Road (03) 9830 1644

Croydon 38 McAdam Square (03) 9879 4422

Glen Iris 58 High Street (03) 9885 2444

Box Hill 532 Station Street (03) 9899 6466

Doncaster 702 Doncaster Road (03) 9848 7888

Ringwood 265 Maroondah Hwy (03) 9879 4422

Blackburn 67-69 Railway Road (03) 9877 1855

Mitcham 560 Mitcham Road (03) 9837 4444

Wantirna 10/322 Mountain Hwy (03) 8720 6333

Camberwell 883 Toorak Road (03) 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.

Market Wrap July-September 2018 Those who have been sitting back hoping for a further drop in Melbourne’s median house price will be rubbing their hands together with glee. And with one quarter left in 2018, it’s fair to say that the experts are tipping that they may be happy for some time to come.

The quarter to September 30, 2018 saw another decrease in Melbourne’s median house price – a drop of 3.9%; this is off the back of declines in both the March and June 2018 quarters. The median price currently sits at $852,980, comparative to $881,066 this time last year; an overall reduction of 3.2% across the 12-month period.

So, is it all doom and gloom? No, not completely, but it will depend on your personal situation.

If you’re buying and selling at approximately the same time in a

softer market, you’ll not be affected too much. If anything, you’ll maybe have a small advantage because you’ll be paying slightly lower stamp duty and agent costs. If you’re weighing in as a first home buyer, this is one of the best opportunities you’ve had to get on the property ladder in quite some time; just make sure you have your finance approved, or at least know what you can borrow, as tighter lending conditions have come into play. If you’re someone who sold awhile ago and has been holding on to see what turn the market may take, this may be a good time to start testing the waters and heading out to some opens.

Those who may feel the decline in the market the most, are those looking to cash out completely, or those needing to sell in a hurry; with interest rates increasing, even at a slow rate, some

investors might be forced to sell property to cover costs; especially those who have been on an interest only or fixed rate, as they’ll potentially have the most significant repayment increases.

Those wanting to use the equity in their homes may also be left disappointed, as this may have decreased substantially, based on where your property is located.

Our local office’s base suburbs had some varied results this quarter; all saw a decline except for Balwyn, bucking the trend and showing continued growth.

Tim Penhalluriack, Director/Auctioneer at Noel Jones Balwyn reports that the office has seen some solid results across the quarter, including 218 Belmore Road Balwyn that was sold off market for a healthy $1.85M, and 15 Winmalee Road Balwyn which exceeded reserve by over 100K, selling for a staggering $2.73M in August. He believes that besides the mix of stunning classic and contemporary homes on offer, buyers love the convenience afforded by the rich array of amenities such as the 109 tram, and close proximity to a range of schools including the ever popular Balwyn High.

Suburb

Median House Price

Change since Q2

Balwyn

$ 2,390,000

+ 3.0%

Blackburn

$ 1,330,000

- 1.8%

Box Hill

$ 1,430,000

- 2.6%

Camberwell

$ 1,960,000

- 14.6%

Croydon

$ 760,000

- 2.6%

Doncaster

$ 1,230,000

- 13.0%

Glen Iris

$ 1,890,000

- 8.9%

Mitcham

$ 903,000

- 9.7%

Ringwood

$ 833,000

- 3.2%

Wantirna

$ 905,000

- 6.2%

The following table highlights some suburbs in the Eastern Corridor that performed in Q3.

Suburb

Median House Price

Change since Q2

Templestowe

$ 1,680,000

+ 31.3%

Warrandyte

$ 1,430,000

+ 18.5%

Croydon Hills

$ 930,000

+ 13.1%

Kilsyth South

$ 881,000

+ 7.0%

Wheelers Hill

$ 1,120,000

+ 4.5%

Scoresby

$ 851,000

+ 5.6%

Wantirna Sth

$ 1,060,000

+ 2.4%

Knoxfield

$ 882,500

+ 2.0%

There were a number of suburbs surrounding the offices though that showed positive growth, with the 3 most significant results being seen in suburbs north of Maroondah Highway; Templestowe, Warrandyte and Croydon Hills.

An increase of 13.1% makes Croydon Hills noteworthy, but its impressive days on market figure of 23, compared to the average of 36, also needs to be recognised. Properties here are a favourite amongst families with children, due largely to the proximity of an excellent spread of public and private schools; amongst some of the most sought after are Yarra Valley Grammar, Luther College, and The Rudolf Steiner School plus Croydon Hills, Yarra Road and Good Shepherd Lutheran Primary.

The suburb is also made up of close to 20% of parkland and green space.

Properties are tightly held, and it’s for this reason that when they come on the market, they’re often snapped up quickly. If you’re looking for property in this area, we’d suggest you set up new property alerts so you know what’s coming on the market. It’d also be wise to visit out latest Noel Jones office at McAdam Square Croydon, and let our Data acquired from reiv.com.au and domain.com.au

friendly staff add you to our client database; this ensures you’ll be notified about any off-market campaigns.

Of the eastern corridor suburbs we highlighted for strong growth last quarter, only one has continued its rise this quarter, and that’s Knoxfield; it’s up another 2% seeing an increase in median price of almost $20,000. This is joined by its neighbouring suburb Scoresby which was up 5.6%, and also Wantirna South which managed to maintain its recent kudos as a million-dollar suburb and an increase again by 2.4%.

Want to know what your home is worth?

Contact a Noel Jones office today.

8 The Ridge, Canterbury Sold for $ 5,818,000

What the next 3 months will bring, as we head towards the festive season and another new year, is anyone’s guess.

We’ll be back to you with the results once we’ve opened our gifts, eaten way too much food and sung a terrible rendition of Auld Lang Syne!

17 Albury Road, Balwyn North Sold $ 4,460,000

Boroondara

Median Price September 2018 House: $ 1,900,000 Unit: $ 725,500 Change in median house price Sep 2017 to Sep 2018

-13.6.%

14 Christowel Street, Camberwell Sold for $ 3,125,000

Change in median unit price Sep 2017 to Sep 2018

-3.6% Median price by suburb Suburb

House

Unit

Ashburton

$ 1,637,500

na

Balwyn

$ 2,387,000

$ 947,500

Balwyn North

$ 1,780,000

na

Camberwell

$ 1,960,000

$ 725,000

Canterbury

$ 2,533,000

$ 838,750

Deepdene

na

na

Hawthorn

$ 2,000,000

$ 600,000

Hawthorn East

$ 2,095,000

$ 639,000

Kew

$ 2,275,000

$ 656,000

Kew East

$ 1,785,500

na

Glen Iris

$ 1,890,000

$ 665,000

Surrey Hills

$ 1,888,000

$ 755,000

July - September 2018 Quarter

14 Holyrood Street, Camberwell Sold for $ 1,850,000

20 French Street, Camberwell Sold for $ 1,850,000

Highest sale in the pocket Suburb Templestowe Location 7 Colonsay Street Features 3 bedrooms 1 bathroom 2 car spaces Sold for $ 1,351,0000 Office Noel Jones Doncaster Directors Greg Bowring Daniel D’Assisi

The owner of the above featured property, sold his fathers house directly across the road using another agent, and wasn’t overly satisfied with the result. Less than a month later, the owner of 7 Colonsay Street, Templestowe requested the services of Greg Bowring, Director of the Noel Jones Doncaster office to sell his own house.

Greg implemented a powerful marketing campaign that involved a unique blend of social media marketing, beautiful interior styling, and sharp photography. The property campaign was a complete success resulting in the highest sale within the pocket for the quarter relative to house condition and land size.

After the sale, the owner had this to say about Greg and his team “Noel Jones Doncaster really are a great office and work well together. They really know what they are doing.”

Manningham

Median Price September 2018 House: $ 1,252,500 Unit: $ 745,000 Change in median house price Sep 2017 to Sep 2018

-9.4%

23a Dryden Street, Doncaster East Sold for $ 1,250,000

Change in median unit price Sep 2017 to Sep 2018

-6.9% Median price by suburb Suburb

House

Unit

Bulleen

$ 1,220,000

$ 755,000

Doncaster

$ 1,230,000

$ 590,000

Doncaster East

$ 1,220,000

$ 735,000

Donvale

$ 1,334,000

$ 782,500

Nunawading

$ 990,500

$ 550,500

Park Orchards

$ 1,590,000

na

Ringwood Nth (part) $ 936,000

na

Templestowe

$ 780,000

$ 1,680,888

Templestowe Lower $ 1,280,000

$ 817,500

Warrandyte

$ 1,427,500

na

Warrandyte South

na

na

Wonga Park (part)

$ 1,470,000

na

July - September 2018 Quarter

7 Colonsay Street, Templestowe Sold for $ 1,351,000

16/97 Whittens Lane, Doncaster Sold for $ 631,500

Doncaster development Suburb Doncaster East Location 23a Dryden Street Features 4 bedrooms 2 bathrooms 2 car spaces Sold for $ 1,250,000 Office Noel Jones Doncaster Directors Daniel D’Assisi Greg Bowring

Daniel D’Assisi assisted his client in the project management of the entire development at 23a Dryden Street, Doncaster East. From its infancy through to the initial concepts; direct consulting with the client & architect; from permit application stage to design, specifications and finally staging of the property.

Leading up to the launch of the campaign, one of the goals was to position the property to the correct target market place in order to attract downsizers, growing families, investors and those looking to secure a property within the highly sought after Doncaster East secondary school zone.

While other similar category properties were seeing a total average of 25-30 inspections, the detail and attention Daniel and the Noel Jones Doncaster team put into attracting and retaining the right buyer pool, culminated in 91 inspections throughout a 4 week period.

As a result the property was sold under the hammer for a price of $1,250,000 exceeding expectations of those in attendance. The owners of 23a Dryden Street were extremely grateful to have worked so closely with Noel Jones Doncaster with this project and are now looking to secure their next development.

Whitehorse

Median Price September 2018 House: $ 1,057,000 Unit: $ 726,000 Change in median house price Sep 2017 to Sep 2018

-15.4%

8 Ronald Street, Box Hill North Sold for $ 1,451,300

Change in median unit price Sep 2017 to Sep 2018

-4.6% Median price by suburb Suburb

House

Unit

Balwyn North (part)

$ 1,770,000

$ 852,500

Blackburn

$ 1,330,000

$ 790,800

Blackburn North

$ 982,000

na

Blackburn South

$ 968,500

na

Box Hill

$ 1,432,500

$ 484,800

Box Hill North

$ 1,152,500

$ 750,000

Box Hill South

$ 1,028,000

$ 812,500

Burwood (part)

$ 1,300,000 $ 970,000

Burwood East

$ 1,024,000

na

Forest Hill

$ 950,000

$ 780,000

Mitcham

$ 903,250

$ 627,500

Mont Albert

na

na

Mont Albert North

$ 1,242,000

na

Nunawading (part)

$ 990,500

$ 550,000

Surrey Hills (part)

$ 1,888,000

$ 755,000

Vermont South

$ 1,165,500

na

July - September 2018 Quarter

29 Koonung Road, Blackburn North Sold for $ 1,415,000

1/15 Peel Street, MItcham Sold for $ 1,210,000

Maroondah

Median Price September 2018 House: $ 850,000 Unit: $ 597,000 Change in median house price Sep 2017 to Sep 2018

-3.6%

6 Handscombe Court, Croydon Sold for $ 1,217,000

Change in median unit price Sep 2017 to Sep 2018

+3.2% Median price by suburb Suburb

House

Unit

Bayswater North

$ 730,000

$ 570,000

Croydon

$ 760,000

$ 552,750

Croydon Hills

$ 930,000

na

Croydon North

$ 783,000

na

Croydon South

$ 758,000

na

Heathmont

$ 921,000

na

Kilsyth (part)

$ 669,000

$ 595,750

Kilsyth South

na

na

Park Orchards (part) $ 1,590,000

na

Ringwood

$ 832,650

$ 615,900

Ringwood East

$ 881,250

$ 612,500

Ringwood Nth (part) $ 936,000

1/5 Laurence Grove, Ringwood East Sold for $ 861,000

na

Vermont (part)

$ 917,750

na

Warranwood

$ 920,550

na

Wonga Park (part)

$ 1,470,000

na

July - September 2018 Quarter

24 Evelyn Road, Ringwood North Sold for $ 900,000

Knox

Median Price September 2018 House: $ 795,000 Unit: $ 580,000 Change in median house price Sep 2017 to Sep 2018

-7.6%

43 Ireland Avenue, Wantirna South Sold for $ 858,000

Change in median unit price Sep ar 2017 to Sep 2018

+0.4% Median price by suburb Suburb

House

Bayswater

$ 730,000

Unit $ 570,000

Boronia

$ 730,500

$ 480,000

Ferntree Gully

$ 715,000

$ 564,000

Knoxfield

$ 900,250

na

Lysterfield (part)

$ 795,000

na

Rowville

$ 810,000

na

Scoresby

$ 850,500

na

The Basin

$ 686,500

na

Upper FTG (part)

$ 683,250

na

Wantirna

$ 905,000

na

Wantirna South

$ 1,055,000

$ 660,000

12 Zerfas Street, Scoresby Sold for $ 850,000

July - September 2018 Quarter

3/4 Leo Close, Wantirna South Sold for $ 652,000

A new record set Suburb Wantirna Location 3/60a Wakley Crescent Features 4 bedrooms 2 bathrooms 2 car spaces Sold for $ 1,090,000 Office Noel Jones Wantirna Agents Michael Hill Terry Anson

This stunning 4-bedroom townhome was only 3 years old and built to the highest quality and standard when Phil and Elisa decided to put their home on the market. They wanted to ensure that the agent they chose had a great track record for handling high-end homes. Based on their own personal experience and their research on the market, they appointed Michael Hill and Terry Anson to handle their auction campaign.

Although there had only been 2 other Wantirna South townhomes sold in excess of $1,000,000 at the time, taking into consideration the quality and location of the property, the ability to reach and market to buyers in more expensive postcodes closer to the city and the quality of marketing material, the Noel Jones Wantirna team was confident that they could achieve a result between $1,050,000 and $1,150,000.

On auction day there was strong interest from two buyer groups, one that was living in Forest Hill and the other in Mount Waverley, which allowed the Noel Jones Wantirna team to secure a strong result for the owners and set a new record price for a Wantirna South townhome of $1,090,000.

There’s no doubt that the ability to reach into more expensive postcodes and attract buyers to Knox, along with a strong sale process in a changing market, made all the difference here.

Anytime.

Anywhere.

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