Woodards Oakleigh Market Shapshot

Market Snapshot

Edition 2: 2025

Monash

The Director’s Cut

by Frank Scalise Director & Auctioneer Woodards Oakleigh

Don’t Underestimate the Winter Market

The final stretch of autumn brought a slightly quieter market, largely due to a disrupted April of public holidays and the election. But with the recent rate cut and talk of more to come, we’re expecting buyer confidence to build. If history repeats, we may already be at the bottom of the price cycle, opening a window of opportunity before growth kicks in.

We haven’t seen any major shifts from the election result. In our largely middle-class market, government policies tend to have minimal direct influence on buying or selling decisions. Having the election behind us removes uncertainty and allows clients to move forward with renewed focus.

Recent sales reflect growing buyer momentum. At 5/33 Golf Links Avenue, Oakleigh, we sold the property pre-auction for $710,000 - an uplift from a comparable unit in the same block, which sold for $667,000 last year. Over in Oakleigh South, 10 Devoy Street sold under the hammer for $1.73 million, well above reserve, with four active bidders.

Winter often gets a bad rap, but it consistently delivers strong results for us. With fewer listings, competition for quality homes remains high. Sellers should begin preparations now, while buyers should organise finance and sharpen their search. Being ready means being in the strongest position when the right home - or offer - appears.

Metro Melbourne Property Outlook

With another much needed rates cut in the rear view mirror (with the hopes of more to come), median house prices on an upward trajectory, and an optimistic sentiment that has swept across the entire city, the Melbourne property market is as buoyant as it has been since reaching record heights in 2022.

While the winter months traditionally see a quieter and more subdued real estate scene thanks to rainy days and chilly temperatures, all indicators are pointing to a continued rebound in the market across property sales and house prices.

Melbourne outperforming the rest of Australia

Melbourne’s median property prices have been slowly but surely increasing in 2025, which is a welcome change from the drops over the previous three years. According to Cotality (formerly CoreLogic), Melbourne’s median dwelling price in the month of May rose by 0.4% to $791,303, which was the biggest rise by any capital city in Australia (and the largest monthly jump since 2021). Melbourne has had a median price increase for every month in 2025 (up to the end of May 2025).

There are some suburbs across Melbourne which have exceeded expectations. Hampton East is one of the genuine

booming suburbs with a median house price rise of 6% in the 3 month period to the end of May. Parts of the west including Albion (5.2%) and Keilor Downs (5.1%) further triumphed with standout results in the same period, while in the outer east, Knoxfield (5.2%) and Lysterfield (4.9%) were also high achievers.

“There’s no more buyer’s market, it has swung back in favour of vendors,” said Matthew Scafidi to the Herald Sun, Real Estate Buyers’ Agents Association of Australia Victorian representative. “Melbourne is back in a big way.”

A 2nd RBA rates cut with more predicted in 2025

In May, the Reserve Bank of Australia cut rates for the second time this year, dropping the cash rate by 0.25% to 3.85%. This was the first time the cash rate has been under 4% in exactly two years (since May 2023).

“I know this period of relatively high interest rates has been, and continues to be, challenging for many households and businesses,” said Michele Bullock, Governor of the Reserve Bank of Australia. “But it was essential we brought inflation down because inflation hurts everyone.”

While two rates cut this year is welcome relief to all Melburnians who have a mortgage of any size, experts are predicting that is not the end of cuts for the year. Many of the big banks are forecasting multiple rates cuts before the start of 2026. National Australian Bank (NAB) have predicted cuts in July, August, and November which would take the cash rate to 3.1%. Meanwhile, the brains trust at Westpac believe we’ll see two more cuts this year, as well as two cuts in early 2026 to take the cash rate to 2.85% by May 2026.

Early soaring winter clearance rates a sign of things to come?

The nippy weather and drizzly outlook is often the reason many Melburnians prioritise staying in their toasty home to watch the footy rather than venturing out to go house hunting. But early auction clearance rates numbers for winter 2025 are showing that this year, that trend could very well be turned on its head.

In the second full week of June (for auctions across the weekend June 14th and June 15th), clearance rates hit a high of 74% across 503 properties under the hammer. For comparison, the same weekend in 2024 saw a clearance rate of 59%. Domain also reporter an auction clearance rate of 75% for results in the week June 22nd to June 28th.

“We’ve been saying within the sector for a little while now that there are early signs of renewed momentum — and this clearance rate is tangible proof that it’s beginning to take hold,” said REIV interim President Jacob Caine to the Herald Sun. “There’s definitely a shift in energy. That 74 per cent result speaks to a level of confidence we haven’t seen in some time.”

The week ending June 1 also saw 1,547 properties go to

auction in Melbourne, the highest volume of the year thus far indicating sentiment is high.

A long-term play for Melbourne’s inner city

One of the best performing areas across Melbourne over the previous five years has been the inner suburbs surrounding the city. And as the market in Melbourne looks to rebound in 2025 and beyond, these inner city suburbs are predicted to continue to thrive.

Domain recently listed Melbourne’s inner-city MVPs, with Brunswick East topping the list. Located only 2.5kms from the CBD, this vibrant pocket (which has easy access to an abundance of trendy restaurants and scenic parklands), has seen median house prices rise to $1,300,000 and a 30.7% growth over the last 5 years. Alphington (25.1%), Hawthorn East (22.6%), Northcote (19,3%), and Hawthorn (18.3%) round out the top 5.

The beauty of these inner-city suburbs is just how diverse and convenient they are. Each of these suburbs delivers a range of houses, townhouses, units, and apartments to buy, catering for young and growing families, busy professionals, downsizers, first time buyers, and even those looking to get into the investing game. $866,000

Beyond Freestanding Homes

While freestanding houses often steal the spotlight, many of Melbourne’s most liveable and character-ﬁlled homes come in different forms. From sleek apartments to classic terraces and low-maintenance townhomes, these property types offer a diverse range of lifestyles and longterm potential - smart solutions for buyers at every stage of the property journey.

Terrace Homes

With their wrought iron balconies and striking brick facades, terraces in Carlton North and Fitzroy North remain among the most character-filled homes on the market. These inner-city gems offer walkable access to beloved high streets, expansive parks, and cultural landmarks. For buyers drawn to history and community, terraces blend architectural charm, lifestyle convenience, and consistent long-term appeal in some of Melbourne’s most tightly held neighbourhoods.

Apartments

Tucked between heritage streets and leafy parklands, apartments in suburbs like St Kilda and Brunswick offer more than just convenience. With boutique complexes, generous floorplans, and updated finishes, they appeal to both firsthome buyers and downsizers seeking a low-maintenance lifestyle. Close to transport and vibrant shopping strips, these homes offer the perks of inner-suburban living - without the upkeep or price tag of a freestanding house.

Townhouses

Popping up along well-connected streets in Coburg, Carnegie, and beyond, townhouses continue to prove their worth for professionals, young families, and investors. These modern versions of a terrace house are typically spread across multiple levels, with private outdoor zones, open-plan living, and secure garages. Offering independence without the fullscale upkeep of a house, they suit buyers wanting a lock-andleave lifestyle with access to schools, parks, cafes, and public transport.

Duplexes

Found in quiet, residential pockets of Ivanhoe and Preston, duplexes are an increasingly popular choice for families and downsizers alike. These dual-occupancy homes offer spacious interiors, street frontage, and private gardens, blending house-like comfort with reduced maintenance. With newer builds designed to maximise natural light and privacy, duplexes provide a flexible alternative in areas known for strong community ties and green open spaces.

City of Monash

$1,510,000

SPOTLIGHT SALE

The Comeback of Wallpaper

Wallpaper is staging a stylish comeback - and it’s more versatile and design-driven than ever. No longer confined to retro revival or traditional schemes, today’s wallpapers are high-impact, easy to apply, and rich with personality. For homeowners and investors alike, they offer an inspired way to elevate interiors, add depth, and make a lasting impression.

These Walls

Known for its bold motifs and vivid colour palettes, These Walls creates designs that instantly inject warmth and personality into a room. Every pattern is originally hand-drawn, giving the collection a unique, crafted feel. Whether you’re making a statement with a feature wall or covering an entire room, these wallpapers bring a creative, considered touch to any interior.

OAT Studio

OAT Studio’s wallpapers take cues from architecture, light, and shadow. The designs feel modern and sculptural, while the colour palette—drawn from the Australian bush - adds natural warmth. With a mix of bold contrasts and soft gradients, these wallpapers suit homes that lean into minimalism but still want a strong visual point of interest.

Willie Weston

Offering a deep connection to Country, Willie Weston showcases designs by First Nations artists from across Australia. Patterns are often inspired by landforms, seasonal shifts, and ancestral stories, resulting in wallpapers that feel grounded and culturally rich. It’s a powerful way to bring art and meaning into the home through thoughtful design.

Lucy Montgomery

Lucy Montgomery’s wallpaper range brings a sense of timeless charm to any space. Her signature stripes have become a staple in interiors, and the newer children’s range, LMC Petit, adds a playful touch with hearts and stars. These designs are easy to layer into bedrooms, nurseries, or hallways—adding texture without overwhelming the room.

Studio Atkinson

Wallpaper borders offer a creative alternative to fullwall coverage, and Studio Atkinson has reimagined them beautifully. Perfect for trimming doors, windows, and architectural details, these designs let you introduce colour and pattern in a more subtle, playful way. It’s an easy style upgrade that adds personality without the commitment of wallpapering an entire room.

The Front Facade

The front facade of a period home does more than greet the street—it sets the tone for what lies beyond. Preserving and showcasing original features not only enhances curb appeal and buyer interest, but also tells a story of craftsmanship, heritage, and identity.

Lacework and Fretwork

Delicate iron lacework and timber fretwork are signature details in Victorian and Federation-era homes. Often adorning verandahs, posts, and gables, these decorative elements add charm, movement, and visual rhythm to the facade. Restoring or replicating this ornamentation helps maintain the home’s authenticity while offering a sense of romance and historic integrity.

Tiled Pathways and Porch Floors

Original tessellated tiles or mosaic patterns lining the path to a home’s entry are enduring symbols of a well-crafted facade. These geometric designs, typically in earthy reds, blacks, or creams, bring texture and colour to the front approach. For buyers and guests, they create a striking sense of arrival and heritage detail.

Front Verandahs and Porches

Beyond their architectural function, verandahs and porches in period homes serve as inviting thresholds between street and sanctuary. Whether open or enclosed, these spaces frame the facade and offer a sense of hospitality. Maintaining these elements enhances lifestyle appeal, particularly for buyers drawn to the ease of indoor-outdoor living.

Stained Glass Windows

Stained or leadlight windows flanking the front door or entry vestibule often depict floral, geometric, or Art Nouveau-inspired designs. These luminous details celebrate craftsmanship and individuality while casting dappled colour into entry halls. Preserving stained glass enhances the facade’s visual interest and adds an artistic layer to the home’s character.

House Names and Plaques

Many period homes proudly display names etched in sandstone, painted on gates, or fixed to the front wall— remnants of a time when homes were more than addresses, they were identities. These small gestures tell stories, spark curiosity, and add personality. Keeping or restoring a house name is a subtle yet powerful nod to its legacy.

Property Investment Update

Melbourne’s property investment market has definitely showed signs of recovery to start 2025 after a somewhat turbulent ride over the last couple of years. Rates cuts, continued low vacancy rates, population growth and migration, and general confidence, are all factors that could see the second half of the year a booming one for current and future investors.

Metro Melbourne

JUNE QUARTER 2025 3.3% $570

Median Rent Per Week

An unit market that is showing signs of life Melbourne house prices rose every month to start the year (to June 2025), which is a very different tale to where the market has been the previous couple of years. According to PropTrack, in the month of May Melbourne outperformed all capital cities with a rise of 0.79% across all properties.

The unit market is thriving which is great news for investors. Units in Melbourne (as of May 2025) were 3.6% away from reaching record levels, which is vastly improved from the 5.6% number recorded at the very end of 2024.

“For a long time we have been trying to figure out when Melbourne will start its comeback and the fact that we have seen home values increase every month this year, that’s a really good sign that we are starting to see that recovery,” said Anne Flaherty, Senior Economist at the REA Group in an article in the Herald Sun. “Units are definitely seeing the best recovery,” added Ms Flaherty.

The suburbs where you might want to put your investment money

One of Australia’s leading financial comparison and analysis sites, Canstar, in June published an article where they highlighted 10 Melbourne suburbs to invest in in 2025. The list used data including suburb median prices, growth rates, vacancy rates, and median rental yields to help in creating a comprehensive list of Victoria’s most appealing investment spots.

In terms of house investing, Canstar noted Bayswater, Frankston North, and Heidelberg West as suburbs worth consideration. Bayswater was highlighted thanks to its affordability, plethora of green spaces including Doongalla

Forest, and high rental growth (over 11% in the last year). Frankston North also has allure thanks to transport links (near M3 and M11 freeways) as well as elite 5-year capital growth.

On the unit side, Moonee Ponds, Preston, St Kilda, and Boronia were notable inclusions. Moonee Ponds makes the list due to its median price growth (bucking the general Melbourne trend) and excellent rental prices, while St Kilda is still very affordable on the unit side with a median price of $525,000 along with a median yield of 5.4%.

Affordable investment opportunities not far from the CBD

As all savvy property investors know, securing a home, a townhouse, or an apartment close to the city and vibrant lifestyle amenities is a recipe for success.

The Age recently published an article highlighting some of Melbourne’s top suburbs which have a median value of $1.3m and are located under 5 kilometres from Melbourne’s CBD. And while the top end of the list might price out many potential investors, the bottom end of the list makes for a more interesting story.

Footscray, with a median house price of $927,500 and a unit price of $480,000, sits towards the tail end of the list and represents an exciting opportunity for those with investment aspirations. Footscray has so many things going for it, including its bustling heart on Barkly Street which is lined with amazing restaurants, shops, and the iconic

Footscray Market. The presence of Victoria University and the recent Whitten Oval redevelopment also adds to its appeal.

Maribyrnong also finds a place on the list not far from Melbourne’s city, and shines with access to beautiful parklands surrounding the Maribyrnong River and Highpoint Shopping Centre.

A booming population set to hit record highs Those with a long term investing mindset need to look at a number of factors when it comes to property investment. And one of those factors is population growth.

According to the ‘Victoria in Future 2023’ report released by the Victorian Government, Melbourne is set to reach a population of 8 million people by 2050 (where it will likely overtake Sydney as the most populated capital city). Victoria as a whole will further edge closer to 10 million people this time. Factors to this booming growth include migration, job prospects, and education.

While it’s a simple formula, more people is a city means more accommodation needed to house everyone. Based on these projections, experts are predicting rental demand to remain very high, rent prices to continue to increase, and capital growth to continue on an upward trajectory. All these elements can only be a positive for those with an eye on property investment in Melbourne.

Private Balcony or Courtyard

Whether it’s a balcony with a view or a courtyard framed by greenery, private outdoor access brings a sense of retreat to the master suite. These spaces offer a quiet spot for morning coffee or evening unwinding, enhancing lifestyle appeal and a sense of calm separation from the rest of the home.

Oversized Bedhead and King Bed

An oversized bedhead brings instant luxury, creating a bold focal point in the room. Upholstered in linen, velvet, or boucle, it adds softness and structure. Upgrade to a king-size bed—its generous proportions elevate comfort and signal a space designed for rest, relaxation, and a hint of hotel-inspired indulgence.

Natural Finishes

Materials like timber, stone, and linen ground the bedroom in warmth and serenity. These natural finishes offer visual appeal and tactile comfort, creating a space that feels calm and considered. Their timeless quality also speaks to craftsmanship - an attractive detail for buyers who value both style and substance.

Walk-in Closet or Dressing Room

A walk-in robe or dressing room brings a boutique feel to the master suite. Thoughtfully designed joinery, soft lighting, and full-length mirrors enhance daily routines and keep clutter at bay. It’s a luxurious touch that elevates functionality—adding both storage value and a sense of refined order to the space.

Statement Lighting

Lighting helps define the mood and look of a master suite. Sculptural sconces, bedside pendants, or a standout floor lamp adds interest without crowding the space. Layered lighting with dimmable options allows the room to shift from bright and energising to soft and restful with ease.

Spa-Style Ensuite

Today’s ensuites are built for indulgence. Freestanding tubs, double vanities, underfloor heating, and walk-in rain showers turn the bathroom into a private spa. These features add comfort, elegance, and that “wow” factor—transforming the ensuite into a key highlight of the overall bedroom retreat.