After a strong start to the year, the effect of COVID-19 and the resulting Melbourne metro lockdown left many buyers with few options across the middle of 2021. Buyer demand continued to build, and combined with a sharp increase in property listings when the lockdown ended in October. The result has been a re-ignited market and a very strong spring – albeit one that started later than usual.
Prospective sellers have been buoyed by positive results, leading to a substantially higher volume of new property listings. The Miles team is now seeing strong levels of both buyer and seller confidence, leading to some excellent outcomes, including a number of recent sales results that have achieved 15-20% higher than expected.
There is some price sensitivity evident in the unit, apartment and townhouse sector, with initial signs of prices starting to level out in this segment of the market.
Recent sales include:
525 The Boulevard, Ivanhoe East
Architectural icon on 2080sqm with two street frontages sold off market for $6 mil.
83 Ivanhoe Parade, Ivanhoe
Fully renovated home on 650sqm of land sold at auction with 3 bidders for $2.85 mil.
50 Quinn St, Heidelberg
3 bedroom, 1 bathroom home in original condition sold at auction for $1.54 mil.
Banyule has kept pace with the overall growth in Melbourne property prices. In many instances, the REIV has reported new record medians achieved in the September quarter of 2021:
- Ivanhoe East – up 6.8% on previous quarter to a median of $2.18 mil
- Heidelberg – up 14.4% on previous quarter to $1.56 mil
- Macleod – up 6.3% on previous quarter to $1.16 mil
- Rosanna – up 11.1% on previous quarter to $1.49 mil
The approach of Christmas usually see a slight drop off in new listings as people plan their holidays, so we encourage buyers to act sooner rather than later to ensure they secure a property prior to the Christmas break. The next influx of properties onto the market will be February/March.
With some talk of interest rates rising in the near future, buyers will be mindful of their budgets. This will set the tone for buyer confidence as we head into 2022. Although we expect strong market sentiment to continue, it is unlikely that growth will be sustained at the same rate as we’ve seen over the past 12 months.
Upsizing or downsizing, first home buyers or investors, please get in touch to discuss all your property needs or request a free appraisal.
From all of us at Miles Real Estate, we extend warm wishes for a safe, peaceful and happy festive season. We look forward to continuing to partner with you in 2022.
