Woodards Mount Waverley Market Snapshot

Market Snapshot Edition 2: 2026 Waverley

Measured Pace Yet Decisive Action Across Mount Waverley There’s plenty of discussion around where Melbourne property values may head in 2026, but locally, the market feels more poised than uncertain. Interest rate movements have encouraged buyers to slow down and look more closely at what they are purchasing, weighing up quality, land size and long-term potential. Even so, original homes on generous blocks are still drawing solid attention from those focused on securing land value.

What buyers are prioritising remains fairly consistent. Well-positioned homes close to respected schools and convenient transport links continue to stand out, offering the kind of everyday ease that holds appeal regardless of broader market conditions. When these fundamentals are in place, buyer hesitation tends to fade, and competition follows.

This was reflected at 5 Islay Court, Mount Waverley, where the four-bedroom, two-bathroom home gathered strong interest and ultimately sold before auction for $1.475 million. Results like this highlight that buyers are still ready to act when a property aligns with both lifestyle needs and future plans.

For sellers, presentation still plays a defining role, particularly in first impressions. The exterior of a home is very much that judge-a-book-by-its-cover moment, shaping buyer expectations before they even step inside. A clean, well-maintained facade signals care and pride of ownership, often setting a positive tone that carries through the remainder of the inspection.

PETER KLADOURIS Director & Auctioneer Woodards Mount Waverley

Metro Melbourne Property Outlook

The start to 2026 has delivered encouraging signs for the Melbourne property market. While potential buyers (and those with mortgages) have seen unwanted interest rates rises to start the year, there were very healthy clearance rates over February, while March delivered strong competition for well-priced properties as well as excellent results for the unit sector.

So what does this mean for the next few months of 2026?

Early indicators suggest the market is building genuine momentum, and there is an optimistic sentiment that Melbourne can return to one of the powerhouses of the Australian real estate market.

Reserve price disclosure to provide more transparency for buyers The Jacinta Allan-led state government is introducing new legislation that will force real estate agents to disclose the reserve price of a property prior to sale. The legislation will be the first of its kind in Australia, and while an exact date has not been set, it is likely to be introduced in May or June of this year.

Median Prices MARCH 2026 Houses

$905,000

Units

$625,000

Auction Clearance

73%

One of the main benefits potential buyers will get from the new legislation is an unprecedented amount of transparency when it comes to an honest indication of what the home might sell for. This will also eliminate any type of underquoting by agents.

The quickest suburbs to save that 20% deposit Average Days on Market

29

Total Properties Sold

12,625

Domain’s ‘First Home Buyer Report 2026’ was released in February, with a few key takeaways from the report including improved affordability, units dominating buying activity, and lifestyle priorities weighing on buyer decision-making.

The report also delved into average time frames for how long it will take to save a 20% deposit for a house or unit. As an example, for a couple aged between 25-34, to put down a deposit on a house in Sydney would take approximately 7 years and 7 months. In Melbourne on average, the timeframe would be 5 years and 3 months.

government scheme, first-home buyers in Victoria have also been accessing state government concessions.

One of the key areas highlighted in the report as a place where buyers can save a deposit relatively quickly is the Essendon region, which includes Essendon, Essendon North, Moonee Ponds, Ascot Vale, Aberfeldie, and Travancore. A couple aged between 25–34 would only need 2 years and 9 months to save for a unit in this area. For houses, the Moreland-North region - covering suburbs such as Fawkner, Coburg North, and Glenroy - would take only 5 years to save up a deposit for an actual house.

Grab a piece of one of Time Out’s coolest suburbs in the world

Melbourne is the new affordable capital of Australia!

Melbourne has quickly become one of the most affordable capital cities in Australia to buy a home, with an article in Domain in March noting that there are 70 suburbs across the city where you can purchase a home for under $750,000. This is despite Melbourne recording a record-high median house price of $1.11m.

“Melbourne still has options for detached homes at the entry level,” said Dr Nicola Powell, chief of research and economics at Domian. “They may be in outer suburbia, but that’s what you would expect. Many other cities would be envious that at that price point, you can get your own block of land.”

First-home buyer activity in Melbourne also spiked over the last twelve months, thanks to the government’s 5% deposit scheme on properties under $950,000. In addition to the

Some of the affordable and appealing suburbs on Domain’s list of 70 include Glenroy ($725,000), Mernda ($730,000), Cranbourne ($700,000), and Craigieburn ($695,000).

Just a stone’s throw to Melbourne’s bustling city is one of the world’s coolest global neighbourhood’s according to Time Out magazine. Towards the end of 2025, the magazine named 39 of the hippest pockets in a number of cities in the world, including neighbourhoods Jimbocho in Tokyo, Barra Funda in Sao Paolo, and Ménilmontant in Paris.

Securing 24th place on this list was North Melbourne, located just 2kms north-west of the CBD. With a median property price of $900,000, Time Out sites North Melbourne’s diverse mix of restaurants and cuisines, the buzzing strip that is Errol Street, and thriving cultural scene as its shining lights.

According to Time Out, the perfect day in North Melbourne: “If the sun is shining, grab a coffee and sweet treat from Bread Club or Auction Rooms and settle in for a spot of people-watching on the nature strip running through the middle of Errol Street. Go crate digging at Heartland Records, before wandering through the stalls at Queen Victoria Market, For dinner, head to the Courthouse Hotel for British-inspired pub fare, then finish with a nightcap at Bear’s Wine Bar or Prudence.”

THE COLOURS BUYERS ARE RESPONDING TO IN 2026 Colour has always shaped mood, yet in today’s digital-first property market it can influence buyer perception before they even step through the door. In 2026, sellers are moving beyond stark gallery whites toward softer, layered tones that create emotional connection. These colour directions are emerging as subtle yet powerful tools for presentation and sale success.

Layered Neutrals Soft neutrals are emerging as a confident alternative to white. Shades like warm greige, sandy taupe and pale stone introduce dimension while maintaining broad appeal.

Particularly effective for exterior schemes, cabinetry and key furniture pieces, they help homes feel grounded rather than blank. Subtle tonal variation creates visual interest while preserving the calm, cohesive atmosphere buyers respond to during inspections.

Earthy Browns Earth-derived browns are returning as comfort-driven accents throughout the home. Rich cocoa, walnut and chestnut tones appear across sofas, timber furniture and layered textiles. Even smaller styling elements – cushions, throws or bedding – can soften a neutral scheme through these grounded shades. For buyers, earthy browns evoke stability and comfort, reinforcing the sense of home rather than showroom.

Cool Whites

Butter Yellow

The era of icy, clinical white is fading, replaced by softer,

A standout in 2025 and continuing to resonate this year,

cooler tones. Pantone’s 2026 Colour of the Year, Cloud

butter yellow offers a gentle lift to interiors. Softer than

Dancer, reflects this shift – a balanced hue that reads

traditional sunshine tones, it introduces warmth and

clean without feeling harsh. Applied across walls, ceilings

optimism without overwhelming a space. Used on feature

and joinery, these tones create visual continuity while

walls or styling details like side tables and artwork, it

amplifying natural light. For sellers, it signals freshness and

feels fresh yet refined. In light-filled homes, butter yellow

versatility, allowing furnishings and architectural details to

enhances creativity and leaves buyers with a sense of

take focus.

personality and possibility.

CITY OF MONASH HOUSES

UNITS

$1,425,000

$840,000

78% Clearance

320

Properties Sold

29

81% Clearance

Days on Market

265

Properties Sold

29

Days on Market

SUBURB

MEDIAN PRICE

SALES

% CHANGE

DAYS ON MARKET

Ashwood

$1,455,000

16

-11.1

26

Burwood East

$1,337,500

27

5.6

30

Chadstone

$1,360,000

11

13.3

24

Clarinda

$1,125,000

4

2.7

31

Clayton

$1,282,000

8

-12.2

32

Clayton South

$995,000

19

1.3

28

Glen Waverley

$1,702,500

78

1.3

32

Heatherton

$1,106,500

10

-1.2

22

Hughesdale

$1,500,000

7

4.2

26

Huntingdale

$1,361,000

4

43.3

28

Mount Waverley

$1,560,000

67

-4.3

30

Mulgrave

$1,200,000

45

4.3

30

Notting Hill

$1,092,600

1

-6.8

45

Oakleigh

$1,351,500

12

-3.1

37

Oakleigh East

$1,300,000

10

2.5

30

Oakleigh South

$1,302,500

16

9.6

26

Wheelers Hill

$1,345,275

44

-9.0

29

MEDIAN PRICE

SALES

% CHANGE

DAYS ON MARKET

SUBURB Ashwood

$892,750

11

-20.3

30

Burwood East

$544,000

14

-4.6

46

Chadstone

$855,888

18

-9.9

29

Clarinda

$846,000

5

19.2

36

Clayton

$580,000

55

1.8

34

Clayton South

$730,000

44

33.7

30

Glen Waverley

$925,000

27

-2.6

29

Heatherton

-

-

-

-

Hughesdale

$660,000

24

23.4

27

Huntingdale

$509,000

-

-45.6

-

Mount Waverley

$1,181,000

61

10.4

29

Mulgrave

$846,000

20

2.4

24

Notting Hill

$455,000

11

8.3

30

Oakleigh

$565,000

21

17.7

32

Oakleigh East

$868,000

12

-3.6

40

Oakleigh South

$911,500

15

14.7

24

Wheelers Hill

$1,502,500

2

61.5

28

Source: REIV

MARCH QUARTER 2026

SPOTLIGHT SALE Mount Waverley 219a Stephenson Road Masterfully accomplished with a symphony of form, texture & materials that exude a sense of design & resilience.

PREPARING A HOME FOR SALE IS A BALANCING ACT BETWEEN INVESTMENT AND RETURN. WHILE MAJOR RENOVATIONS RARELY DELIVER FULL PAYBACK, A SERIES OF THOUGHTFUL COSMETIC UPDATES CAN DRAMATICALLY SHIFT BUYER PERCEPTION. HERE ARE SOME SMALL YET STRATEGIC IMPROVEMENTS AGENTS CONSISTENTLY SEE INFLUENCING RESULTS.

PRE-SALE FIXES THAT ADD VALUE 1. Refresh with the Right Off-White Paint remains one of the most powerful pre-sale tools. A fresh coat in a warm, versatile off-white instantly brightens interiors, softens imperfections and creates a cohesive backdrop for styling. Rather than bold colour statements, buyers respond to calm neutrality that allows them to imagine their own furnishings. This relatively low-cost update can make rooms feel larger, cleaner and far more move-in ready.

2. Upgrade Lighting for Instant Impact Outdated lighting can quietly date an otherwise appealing home. Replacing heavy pendants, mismatched fittings or harsh downlights with simple, contemporary fixtures modernises interiors instantly. Layered lighting – ambient, task and accent – enhances warmth and dimension. The result is a home that photographs beautifully and feels inviting during inspections, particularly in living and dining zones.

3. Repair the Details Buyers Notice Minor maintenance issues rarely go unnoticed during inspections. Loose handles, chipped paint, cracked tiles or squeaking doors can signal neglect and distract from a home’s strengths. Addressing these small repairs communicates care and pride of ownership. Buyers often interpret well-maintained homes as lower risk purchases, making this step less about aesthetics and more about buyer confidence.

4. Rework Window Furnishings & Soft Finishes Window treatments shape both light and mood. Heavy drapes or dated blinds can darken spaces, while sheer curtains or streamlined roller blinds maximise natural light. Complementing these updates with fresh cushions, throws or neutral bedding further refines presentation without excessive spending.

Together, these subtle adjustments help interiors feel contemporary, cohesive and thoughtfully styled.

5. Tidy Outdoor Areas for a Strong First Impression Outdoor presentation frames the entire viewing experience.

Simple tasks – mowing lawns, trimming hedges, pressurecleaning paths and adding potted greenery – instantly lift street appeal. Even compact balconies or courtyards benefit from decluttering and minimal styling. A well-kept exterior signals lifestyle potential from the outset, encouraging buyers to step inside with positive expectations already in place.

The Design Details Sparking Competition in Melbourne Melbourne buyers in 2026 are looking beyond square metres and bedroom counts, focusing instead on how a home feels to live in. In a market where emotional response often shapes decisions, lifestyle-driven design has become a powerful differentiator. These emerging trends are influencing inspections, styling and ultimately, buyer competition across the city.

Warm Minimalism takes Centre Stage Cool, stark interiors are giving way to warm minimalism – a softer, more layered take on simplicity. Think textured timbers, creamy off-whites, muted stone and curved furniture forms that introduce comfort without clutter.

Buyers are drawn to homes that feel calm yet inviting, where restraint is balanced with warmth. This approach allows spaces to appear deeply liveable during inspections.

Green Spaces that Elevate Living Outdoor connections are no longer limited to a backyard.

Buyers are responding strongly to homes that weave greenery into everyday living – from courtyard gardens and pocket lawns to balcony planter boxes, edible herb corners, trailing indoor plants and small-scale vertical gardens.

Homes offering these nature-led moments often create emotional impact that lingers beyond the inspection.

Kitchens Designed for Gathering The kitchen continues to evolve as a social anchor.

Generous islands, organised storage and layered lighting support entertaining and daily routines, while natural materials reinforce warmth. Buyers are particularly responsive to designs that allow conversation to flow between kitchen, dining and living zones. This shift reflects growing demand for spaces that feel lived-in rather than staged.

Flexible Spaces for Hybrid Lifestyles Adaptability remains a defining priority. Buyers increasingly seek rooms that can shift purpose – guest bedroom to workspace, second living room to teen retreat, garage space to creative studio. Sliding doors, joinery and thoughtful zoning allow homes to respond to changing needs without expanding footprint. Properties demonstrating this flexibility reassure buyers that their home can evolve alongside their lifestyle.

Lighting as Mood and Architecture Lighting is emerging as both functional necessity and design statement. Sculptural pendants, wall sconces and concealed LED strips add depth while highlighting architectural features. Buyers notice homes where lighting layers create atmosphere from day to night. Wellconsidered lighting signals design maturity, helping spaces feel polished, modern and memorable in competitive market conditions.

Property Investment Update MARCH 2026

Buyer’s agent and chair of the Property Investment Professionals of Australia (PIPA), Cate Bakos, also pointed to growing investor interest. “There’s no doubt Melbourne currently represents strong value in the national property landscape,” she said. “In fact, over the past year I’ve received more interstate enquiries than I had in several years prior.”

Low vacancy rates prove a positive for investors

Median Rent Per Week

$580 Rental Yield

3.2% Melbourne’s property investment market is entering a renewed phase of confidence and opportunity. Supported by persistently low vacancy rates, steady rental demand, and tightening supply, the fundamentals continue to favour investors - particularly those seeking long-term growth.

For investors chasing stability and future upside, Melbourne is once again shaping up as a market worth watching closely.

Interest piques in Melbourne as an investment hub Melbourne’s decline in median house and unit prices over recent years has transformed the city into one of Australia’s best-value opportunities for property investors. A Herald Sun article from March highlighted data from property advisory firm Oliver Hume, suggesting transaction volumes could rise by as much as 20 per cent over the next year as both new and seasoned investors pursue value across the city.

“Melbourne’s been in the doldrums for two or three years now, sitting at 15-year lows in terms of transaction volumes, but demand and pricing are improving,” said Matt Bell, Chief Economist at Oliver Hume to the Herald Sun. “We’re confident the fundamentals underlying Melbourne are strong, with elevated pent-up demand.”

Vacancy rates across Australia are sitting below 2%, with Melbourne currently recording figures between 1.6% and 1.8%. This tight rental market has been driven by a number of factors including strong population growth and the return of international students.

According to reporting from the Australian Associated Press (AAP), investor lending has surged 64% from the lows seen in 2023. “On top of that, home prices have continued to rise, meaning that the share of investor sales recording a profit has been the highest in at least a decade,” said Angus Moore, senior economist at REA Group.

While Melbourne’s price growth has trailed cities like Adelaide and Brisbane, investor enquiries have steadily increased throughout 2025 and into 2026. Although low vacancy rates can make it more challenging for renters, they present a clear advantage for investors, supporting strong rental returns.

Melbourne’s top investment hotspots revealed A notable trend emerging from recent reporting in the Australian Property Investor magazine is the strength of family-oriented suburbs when it comes to property investment in Melbourne Established areas - where long-term owners are less likely to sell during downturns - dominate the list of top investment picks across greater Melbourne.

Suburbs around Frankston in the city’s south feature prominently, including Seaford, Langwarrin, Sandhurst, and Cranbourne North. Other areas highlighted include Boronia, Greenvale, and Taylors Lakes.

“Melbourne is emerging as my top pick for the city likely to move towards the strongest market, based on its relative value and leading population growth,” said Steve Douglas, Executive Chairman of SMATS Group.

“Melbourne offers buyers the best value and opportunity among the capital cities - particularly when purchasing quality housing stock.”

Melbourne a standout for long-term investors A recent article in the Australian Financial Review places Melbourne near the top of the capital city rankings for long-term property investment. While recent growth has lagged behind other cities, the city’s underlying economic strength - combined with major infrastructure projects such as the Metro Tunnel and Suburban Rail Loop signals strong long-term potential.

“I like Melbourne for the very long term - 10 to 15 years,” said Ben Kingsley, President of the Property

Investment Council of Victoria. “The current market is not representative of the economic engine that is Melbourne.”

The report also noted that while investor activity has been somewhat subdued, this has not significantly driven rental growth. “There’s no real evidence in Victoria or Melbourne that reduced investment activity has caused a blowout in rental growth,” said Tim Lawless, Research Director at Cotality. “In fact, rental outcomes have been relatively moderate despite lower investor participation.”

HOUSES

Suburbs with the highest median rent

UNITS

Ashwood

$670

Ashwood

$780

Burwood East

$675

Burwood East

$700

Glen Waverley

$780

Glen Waverley

$770

Mount Waverley

$750

Mount Waverley

$700

Mulgrave

$650

Mulgrave

$660

Wheelers Hills

$750

Wheelers Hills

$860

What the New Victorian Rental Laws Mean for You

What’s Changing •

No-fault evictions banned Rental Providers will no longer be able to end a tenancy without a valid reason once the first fixed-term lease expires. Acceptable reasons include moving in, selling the property with vacant possession or major renovations — and evidence will be required. In short, Rental Providers will not be able to end a tenancy simply because a fixed term has expired.

•

Rental bidding banned Agents and Rental Providers cannot advertise rent ranges or accept offers above the listed price. Rent must be fixed and transparent. This represents quite

Victoria is introducing major changes to rental laws from 25 November 2025 (or earlier if proclaimed).

These reforms are designed to create a fairer, safer and more stable rental market — for both renters and rental providers (landlords).

a change as renters regularly make offers above asking price in tight markets, which can no longer be accepted under this reform.

•

Notice for rent increases or to vacate will increase from 60 to 90 days, giving renters more time to plan.

•

At Woodards, we want to make sure our clients and communities understand what’s changing and how to prepare.

90-day notice periods

Minimum property standards before advertising Properties must meet all 15 minimum standards before they’re listed for rent, not after Renters move in. This will mean that Rental Providers risk fines of up to $12,000 for simply advertising a property that fails to meet the requirements.

•

•

Annual smoke alarm checks

What Renters Should Know

A professional smoke alarm safety check must be

3

You cannot be asked to offer more than the listed rent.

completed every 12 months, even for properties that

3

You must receive at least 90 days’ notice for rent

were leased before 2021.

increases or if asked to vacate (unless there is serious

Standardised rental application form and privacy rules

misconduct).

3

A new statewide application form was introduced on 31 March 2026.

•

•

At Woodards, we are already preparing for these changes.

Higher penalties

What Will Also Come Later Energy efficiency upgrades, phased in 2025–2027 More changes to come, including energy-efficient heating, cooling and hot water system standards, draft proofing and insulation to name a few. These will roll out through 2026/27.

Why These Changes Matter For Renters: •

More stability, no more “end of lease without reason”

•

More time to budget and plan (90-day notices)

•

Safer, better-quality homes from day one

•

Clearer and fairer application processes

For Rental Providers: •

Greater responsibility to ensure compliance

•

No offers above advertising price suggests Rental Providers should higher target prices early in campaigns to avoid missing out on maximum returns Need to plan earlier for rent reviews and lease renewals Advertising a non-compliant property may result in fines for both the Rental Providers and the managing agent.

What Rental Providers Should Do Now 3

Review your property, does it already meet minimum standards?

3

Plan lease renewals and rent reviews at least 120 days before the lease ends.

3

Budget for smoke alarm checks and maintenance.

3

Talk to your property manager about insulation, heating and energy upgrades.

3

available to help in most cases.

increases.

increase to up to approximately $47,000 per offence.

•

If you have a dispute, RDRV and then VCAT will be

How Woodards Will Support You

bidding or advertising non-compliant properties — will

•

3

more power to review and prevent excessive rent

Penalties for breaches — such as underquoting, rental

•

meets minimum standards before you move in.

Stricter rent increase scrutiny Consumer Affairs Victoria (CAV) and VCAT will have

You have the right to a safe, functional home that

Keep records, transparency and documentation will matter more than ever.

We will: •

Update our systems to use the new standard application form and privacy requirements

•

Educate Rental Providers about their rights and responsibilities

•

Ensure our team meets all training and professional development requirements

•

Support our Rental Providers to plan ahead, not react after the deadline.

Change can be challenging but it’s also an opportunity for better, fairer rentals across Victoria.

If you have any questions, our team is here to help guide you through it.

RECENT SALES

Mount Waverley | 5 ISLAY COURT $1,475,000

4

2

Doncaster | 610/20 HEPBURN ROAD 2

$528,000

2

1

1

January 2026

January 2026

Mount Waverley | 20 OLIVE AVENUE

Mount Waverley | 219A STEPHENSONS ROAD

$1,280,000 February 2026

3

1

1

$1,801,000 February 2026

4

3

2

499 High Street Road, Mount Waverley VIC 3149 P: 03 9830 8000 E: mountwaverley@woodards.com.au