Market Update | April 2024 Edition

In March, Melbourne’s real estate market remained in a holding pattern, with many buyers and sellers remaining focused on interest rates, hoping cuts predicted by leading economists will be implemented in the near future.

However, a recent article in The Financial Review reports many experts are now forecasting that cuts may not be seen until late in 2024 or early 2025. Although a decrease is imminent, rates are currently experiencing a phase of stability, presenting prime opportunities for buyers and investors eager to implement their property plans.

The March quarter saw a 2% increase in Melbourne’s median house price and a 0.3% rise in that of units and apartments. This is the first rise since the December 2022 quarter, marking positive news for homeowners.

On April 9th, the REA group published an article titled “City’s outer east labelled the tightest rental market in Australia”. It cited PropTrack research showed areas including Whitehorse, Knox, Yarra Ranges, Maroondah, and Manningham had a rental vacancy rate of just 0.48% in March. This is encouraging for investors looking to begin or expand upon their investment portfolios, with property continuing to represent high long-term investment growth. Knox, Yarra Ranges, and Maroondah have also shown growth in their median house prices, quarterly and year-on-year, indicating buyers, as well as renters, value all these municipalities have to offer.

Last week, we had an exceptional sales result at 431 Centre Dandenong Road, Heatherton, a 15.1-acre property with enormous potential. Selling for $8.5M, it marks the biggest sale in our Wantirna office’s history.

In other news, our Community Support Program has been making a difference for the past 2 years. We’ve proudly donated over $25,000 to aid local charities, events, and sporting clubs. At Noel Jones, we believe in giving back to the community that supports us, and this July, we look forward to announcing our 2nd annual winner and presenting them with a $5,000 cheque. If your organisation would like to apply for one of our monthly grants, visit the Community Support page on our website.

Contact your local Noel Jones agent via phone or at noeljones.com.au to discuss your next moves.

Share:

More Posts

Strategies to get the most out of an investment property

Strategies to get the most out of an investment property   Maximise Depreciation Deductions: Maximising depreciation deductions is essential for property investors to significantly reduce taxable income, thereby lowering tax liabilities and increasing cash flow. Depreciation allows investors to deduct the cost of their property over its useful life, providing substantial tax benefits. By accurately assessing and maximising depreciation deductions,

Market Update | May 2024 Edition

Your May monthly update from Noel Jones, including the latest property market statistics and news from our team. Melbourne saw a relatively stable month during April, with many people taking time off during the Easter long weekend, school holidays and ANZAC Day break. Property prices remained stable for houses and units throughout the month, while industry-wide auction clearance rates held

Government Grants and Incentives for Melbourne’s Property Market in 2024

The Australian property market, particularly in major cities like Melbourne, has seen significant changes in recent years. While some government initiatives remain in place, new programs are less frequent. Let’s delve into the current landscape of government grants and incentives relevant to Melbourne’s property market. Existing Federal Government Initiatives: Home Guarantee Scheme (HGS): This ongoing program offers various guarantees for

Why Noel Jones Could Be Your Best Career Move

Are you passionate about the real estate industry and looking for a dynamic, supportive work environment? At Noel Jones we offer a unique blend of industry-leading training, cutting-edge technology, and a strong support system that sets us apart from the competition. Fuel Your Growth with Continuous Learning: At Noel Jones, we believe in empowering our team members to reach their

Send Us A Message

Good Job!

Thanks for taking the time to let me know about your needs.

I look forward to helping you find your new home.​

Buyer Requirements

Thank you!

I’ll be in touch soon with information on the suburb you’re buying in.

Find Out More