House values in Melbourne have risen for nine consecutive months with clearance rates remaining steady within the mid 70 per cent range for the last 5-6 months. The Miles auction clearance rate is sitting higher at 85 per cent. The median house price for Melbourne is $938,000 and national values have risen 6.6 per cent since January, with further gains expected towards the end of 20231.
The short to medium forecast for Melbourne house prices in 2024-25 is also positive with KPMG2 predicting increased demand which will out strip supply and is being challenged by the dual forces of population growth and a slowing of construction. They are predicting 8.5 per cent growth in 2024 and 12 per cent growth in 2025. So, the housing short fall will likely continue ultimately underpinning values going forward.
With these positive economic indicators, we’ve seen an improvement to the overall seller sentiment with an influx of vendors returning strongly to the market. This is great news for many buyers who have been waiting for Spring stock and now have more choice with a great range of houses, units and apartments coming to market. The tight rental vacancy rate is resulting in more purchasers being added into the buyer pool as many seek to make the leap from renter to owner.
Closer to home here in Banyule, the North-East Link is due be competed in 2028 and will slash the commuted time into the CBD by up to 35 minutes as well as taking 15,000 trucks off local roads reducing congestion. It will also provide greater accessibility through to the eastern suburbs and further integrate into the public transport network making it easier and quicker for people to get to and from work and study.
So, if you have been considering investing or moving into the north-east pocket of Melbourne, now is an ideal time. We have observed over many years the increasing popularity of this side of the city due to the excellent amenities, the green wedge environment and improved infrastructure all contributing to the overall livability for people of all ages and stages.
On the market
11 Summit Drive, Eaglemont – also known as ‘Le Sommet’ was once a haven for Heidelberg School artists and now located in exclusive Walter Burley Griffin setting is a stately and luxurious residence offering a peaceful and prestigious lifestyle. From its perfect position in a beautiful divided street within the Mount Eagle Estate and views to both the city skyline and mountains - this breath-taking home sits on a perfectly leveled 2108m2 allotment.
This magnificent residence offers 5-bedrooms, 5-bathrooms, a billiard room, a sauna, a studio, a tennis court, swimming pool and spa. An outdoor entertainment precinct includes an all-weather pergola, alfresco and outdoor kitchen.
7 Arbercorn Avenue, Ivanhoe – is a sustainable state-of-the-art family sanctuary on the edge of the Darebin Parklands. This light filled four-bedroom modern masterpiece features high environmental credentials and top-quality finishes with generous and flexible multi-use spaces for multigenerational living or large families.
16 Hardy Terrace, Ivanhoe East – coming to market soon. Overlooking the Ivanhoe Golf Course with sweeping views through to the city. A three level luxuriously appointed modernist residence on a tightly held street presents a rare opportunity to secure a home of this caliber and location. Featuring adult and teen separate living zones, 4 bedrooms and a self-contained studio, marble kitchen and bathrooms - all within walking distance to Ivanhoe East Primary School and shopping village.
If you are thinking about bringing your property to market, please get in touch. We will be able to provide you with an up-to-date appraisal as well as advise on the best sales strategy for your circumstances.
- https://www.theage.com.au/politics/federal/house-values-almost-back-to-peak-adding-to-rba-s-inflation-fears-20230929-p5e8oz.html
- https://www.afr.com/property/residential/melbourne-house-prices-to-jump-12pc-in-2025-20230925-p5e7bw
