Market Update June Quarter 2022

The end of June saw us round out the first half of 2022, with some strong results continuing to be achieved by the wider Noel Jones group.

The table below shows the year-on-year change for each of our core suburbs in the  21/22 financial year period. All had substantial annual growth, with Wantirna leading the charge, recording an increase of 18.3% for the 12-month period.

Noel Jones Office Location Annual Change
Wantirna +18.3%
Balwyn +13.1%
Ringwood +11.5%
Bayswater +11.3%
Croydon +10%
Doncaster +10%
Blackburn +9.9%
Mitcham +8.2%
Box Hill N/A

 

Across the June quarter, Ringwood recorded an increase of 12.1% in its median house price. This placed it in Melbourne’s Top 20 suburbs for quarterly growth, out of the 319 reported. A number of suburbs from our neighbouring offices also delivered positive growth during the June quarter.

Suburb Quarterly Change
Ringwood +12.1%
Croydon South +10.2%
Box Hill South +8.6%
Balwyn North +8.4%
Boronia +6.0%
Vermont South +4.6%
Scoresby +4.1%
Vermont +3.1%
Kilsyth +1.6%
Bayswater North +1.2%

 

Whilst overall, the June quarter saw a -2.9% decline in house prices across metropolitan Melbourne, the results displayed above show that it’s not all doom and gloom within the property market.

Although we have certainly witnessed a level of stabilisation, it continues to be seen that realistically priced properties that are presented well and marketed appropriately are attracting good buyer numbers and selling for solid prices.

Melbourne’s rental market saw another improvement in the vacancy rate this month, ending June on 1.5%.

Louis Christopher, Managing Director of SQM Research, recently said, “Rental vacancy rates continued to tighten across the country, and there is nothing yet in the data that would suggest we are about to see a reprieve.” This should be welcome news for anyone considering entering the investment market or expanding on their current portfolios.

At Noel Jones, we pride ourselves on supporting those within the local community, and the month of June saw us strengthen this commitment even further.

We launched our exciting new Community Support Program, an initiative that will see us offer a monthly payment of $1,000 to a successful applicant.

Applications are being welcomed by a range of groups, including but not limited to charities, junior sporting clubs and individuals, as well as schools and kinders.

We also saw a number of our directors participate in the Vinnies CEO Sleepout, raising $17,269.91 and increasing awareness around the growing issue of homelessness within Australia.

For further information on the Community Support Program, including application closing dates, visit https://noeljones.com.au/communitysupportprogram.

At Noel Jones we are passionate about continuous improvement and ongoing development.

This quarter saw some exciting opportunities for our team to continue their professional and personal growth, something we believe contributes strongly to the exceptional levels of guidance and support that we provide our clients.

These development opportunities included sessions with renowned real estate mentor and coach Michael Sheargold, our internal listing school training, a memorable morning with Belinda Clark AO, the Rise conference, and our annual Novice Auctioneer Training Program and Competition that was won by Connor Pinnington from our Croydon office; many of our sales team also attended AREC22, an annual Real Estate conference held on the Gold Coast.

To explore any Real Estate needs, visit our website at www.noeljones.com.au or contact your local Noel Jones office; they’ll be more than happy to assist.

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