Strong Start to the 2025 Banyule Property Market with an Increase in Listings and Clearance Rates
The Banyule property market is experiencing a continued positive flow-on from a strong 2024, with a significant uptake in sales listings in Q1 which is going to continue well into the next quarter.
In Q1, the Miles team achieved one of our best results in years, selling 93 properties, marking the second-highest result in the past decade. This performance is a clear reflection of the strong supply and demand in the area.
Since the interest rate cut in February, the property market has experienced a rebound in values, with the average Melbourne house price rising from $898,00 to $923,000.1 In Banyule, the average house price remains steady at $1,125,000. Buyer activity is strong, with enquiries high and properties selling well across the board. Melbourne’s average clearance rates have risen from 72.6% in the previous quarter to 78.5% between 1st Jan- 31st March, underscoring the high demand for properties in Banyule and the northeast suburbs.
Sales highlights:
- 24 Rotherwood Road, Ivanhoe East, underwent a pre-sale transformation with the Miles Concierge service, selling for an impressive $2,502,000—well above the reserve price.
- 5 Lochabar Court, Ivanhoe, a brand-new home with a plunge pool in a desirable cul-de-sac, sold in just 15 days for $2,135,000, highlighting the ongoing demand for turnkey homes in sought-after locations.
- 47 Hillside Road, Rosanna, a four bedroom California Bungalow with contemporary features and modern expansion sold before auction for $2,675,000.
Coming to market:
39A Thoresby Grove, Ivanhoe, a newly constructed five-bedroom, five-bathroom residence with all-levels lift accessibility, state-of-the-art home where no expense has been spared. Stand out features include a multi-car garage, alfresco terrace and elevated lap pool.
If you’re thinking of buying or selling in the current market, the Miles team is here to provide expert advice and guidance. Whether you’re looking for your next home or considering selling, our experienced team is committed to delivering outstanding results. Get in touch with us today for an up-to-date market appraisal and to discuss how we can assist you in achieving your property goals.
REIV data due first week of April
1REIV.com.au
