Despite broader economic challenges, the local Banyule market has shown resilience and growth. The median house price in Banyule rose from $1,122,000 in Q1 to $1,170,000 in Q2 and several suburbs have experienced substantial price increases: Ivanhoe East saw a 13 per cent rise to $2.63 million, Rosanna jumped 20 per cent to $1.4 million, Heidelberg Heights increased by 13 per cent to $1.1 million, and Macleod grew by 8 per cent to $1.3 million.
In addition to rising median price, Banyule has seen a significant increase in listing volume over the past six months. This surge in listings has provided buyers with more choice and has created more opportunities for first-time homebuyers, particularly with the good availability of units and apartments.
Exceptional Team Performance – The 100 Days Challenge
The Residential Sales team has also performed exceptionally well - the team achieved its target of 100 sales in 100 days, completing it in just 84 days. This achievement highlights the strong buying activity in the local market and underscores the dedication, strength and experience of the sales and marketing team, who have worked tirelessly to secure excellent results for their clients during what can be a quieter time in the real estate market.
Looking ahead, the market is expected to remain steady. There continues to be strong demand for turnkey family homes with flexible spaces in prime locations close to transport and education. These properties are highly sought after and generate considerable competition among buyers.
Notable Sales
Recent notable sales in the Banyule area include several mid-century homes, which have attracted good interest from a new generation of families seeking quality properties. Highlights include:
- 43 and 45 Outlook Drive, Eaglemont: Number 43, a classic elevated mid-century family home on 1363m², sold at auction. Next door, number 45, an iconic Walter Burley Griffin home, also sold in April to a local family.
- 24 Alfreda Avenue, Rosanna: Sold at auction with four bidders competing strongly, pushing the sale price well beyond the reserve.
- 13 Castella Street, Ivanhoe East: Sold on a private sale basis in just 18 days, with three parties making offers for the unrenovated residence, achieving a final price of $1.9 million.
Considering Selling?
For those considering selling, it is advisable to speak with an experienced Miles agent to determine the optimal selling time, the ideal sales strategy, and to receive an accurate appraisal of market value. The Miles team is committed to ensuring clients achieve the best possible outcomes in this evolving market.
