Dwelling prices
Property prices are on the rise again. Melbourne recorded a small yet significant gain of 0.24% for the month of June. Furthermore, prices have rebounded by 0.8% since the low point in January 2023. These figures are indicative of a decisive market turnaround and is good news to vendors planning to enter the market during the second half of 2023.

Closer to home, the City of Banyule’s 12-month median house price is steady at $1,050,000¹ and median unit price is up to $740,000¹ reflecting the current high demand. PropTrack² data also revealed the north-eastern suburbs of Melbourne as a significant hotspot for first-home buyers, representing the most searched area on realestate.com.au.

Auction clearance rates
The second quarter average clearance rates for houses and units in Melbourne is 78%³ and went as high as 83% in June which is reflective of a market rising strongly. Miles auction clearance rate is 89.5% for the year-to-date again, underscoring the high demand for property in Banyule and surrounding areas.

In addition to the rise in house prices there has been a noticeable increase in buyer activity, resulting in a significant number of properties being sold prior to auction. This trend highlights the strong competition in the market for both houses and units in Banyule and surrounds which is why we recommend listing your home before the end of 2023 if you intend to sell in the near future. Below are some examples of homes which have performed very strongly in the last few months.

11 Lloyd Street, Heidelberg Heights sold in 14 days for $1,480,000 well above reserve with 57 buyers and 5 bidders competing for the keys demonstrating the high demand for renovated family homes.

Another example of the desire for move-in-ready homes is 45 Finlayson Street, Rosanna, a classic mid-century home that attracted an incredible 191 buyer leads and sold strongly for $1,500,000 significantly surpassing the vendors expectations.

51 Bond Street, Ivanhoe, an off-market sale, sold in 18 days for $1,375,000 with 63 interested parties all sourced directly from our internal database. We currently have a substantial cohort of buyers marked as read-to-buy.

The unit and apartment market also achieved some remarkable results with 7/28 Livingstone Street, Ivanhoe a two bedroom townhouse selling at auction for $870,000 – exceeded the reserve price by a considerable margin much to the delight of the vendor.

Vendors
Vendors can feel confident bringing their property to market, with buyer activity proving to be strong in an environment where construction has slowed and the rental market is experiencing record low vacancy.

Property demand expected to increase
Development delays could lead to fewer properties being built over the coming years, further exacerbating supply and pushing property prices higher. Family homes, particularly renovated or turn-key opportunities are experiencing significant demand from buyers. Stock levels are falling far below current demand and therefore these types of properties are regularly exceeding their reserves by significant amounts. The increasing cost of renting is leading more people to consider buying a unit or apartment with the desire to secure a long-term housing solution amid a challenging rental landscape - this factor is contributing to the growing demand for units and apartments.

On the Market
2 Thoresby Grove, Ivanhoe - a sublime family residence in an impeccable location where no expense or detail has been spared. The home offers four bedrooms, three bathrooms and high-end features such as a self-cleaning mineral pool, fireside entertainment terrace – even a Teppanyaki grill. This masterpiece of design is available for viewing by private inspection.

Are you thinking about selling in 2023?
Melbourne property prices are on the rise again. With very limited properties on the market, our buyers are eagerly awaiting new listings. So, if you are thinking about selling, now is a great time to bring your property to market.

Selling doesn’t need to be a stressful experience
With the Miles team by your side, you can navigate the entire process with ease. From an up-to-date market appraisal, getting your property ready for sale and executing a sophisticated marketing campaign to maximise exposure to potential buyers, you can rest assured knowing that our experienced team will be there to support you every step of the way.

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