Market Update February 2023

Auction clearance rates in Melbourne’s east are among the strongest results in the state, as the housing market shows signs of steadying after interest rate rises.

The latest Domain figures reveal the clearance rate in the outer eastern suburbs was 78% in February – an annual improvement of 11.4% – while in the inner east they grew by 4.8% over the year.

February’s figures are supported by a lift in auction volume, which will likely increase across the autumn season.

Noel Jones Brett Freeman said even with more listings entering the market, low supply was likely to continue until interest rates plateau.

“Our vendors are benefitting from less competition from other homes on the market now. Buyer demand is more concentrated and stronger as a result,” Brett said.

Melbourne’s property prices achieved overall growth of 0.18% in February, with houses increasing by 0.15% and units by 0.34%.

“This may only be a modest increase, but it reflects a potential end to the decline we experienced in mid last year,” Brett said.

Interest rate rises were the driving factor behind this and will continue to play a part throughout 2023.

“We anticipate some positive demand drivers will remain, including growing international migration and tight rental supply.”

The rental market remains consistently strong in Melbourne, with demand at its highest point on record.

The rental vacancy rate in Melbourne’s east is 0.9%. With an additional 35,000 people expected to call Australia home in the next year, demand will grow further.

CoreLogic data shows rental appreciation for houses in Melbourne has risen 10% in the past year, with a gross yield of 3.4%.

Meanwhile, we were pleased to help some great homes change hands over February. Among them is a four-bedroom home in Ringwood that sold for $1.35 million – $200,000 above the suburb’s median.

A three-bedroom Wantirna South home also sold for $1.35 million – more than $100,000 above the median. A Ringwood three-bedroom townhouse also sold $100,000 above the median for $660,000.

Noel Jones’ unwavering commitment to our vendors was recognised at the 2023 RateMyAgent awards recently.

Noel Jones Croydon – Agency of the Year for Chirnside Park and Croydon Hills

Noel Jones Ringwood – Agency of the Year for Heathmont, Ringwood and Ringwood East

Mike Wang – Agent of the Year for Ringwood

Rod Burton – Agent of the Year for Ringwood East and Heathmont

Dan Deltondo – Agent of the Year for Mitcham

Ryan Evans – Agent of the Year for Chirnside Park and Kilsyth

The top performers are determined using verified customer reviews.

At Noel Jones, we believe that connecting with the community goes beyond just real estate. Through our Community Support Program, we strive to give back and make a positive impact in the communities we serve.

We’ve donated funds to eight local groups and charities since mid-2022 and are proud to announce our February grant recipient is the Rowville-Lysterfield Rotary Club.

Applications are open for the next round of grants until 31 March and we invite community groups to learn more and apply on our website.

At Noel Jones, we’re here to guide you every step of the way on your property journey. Visit your local branch or give us a call us today.

Cover picture: 11 Alwyn Street, Mitcham


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