Market Update March 2023

Suburbs across Melbourne’s east are leading the rally in our city’s property prices, with some areas achieving more than 10% growth in the first three months of 2023

Real Estate Institute of Victoria figures show that Ringwood had an impressive 13.4% boost to its median price in the first quarter of 2023, and a 6.6% increase in the unit market.

Units in Bayswater grew by 26.4% in the recent quarter to a median of $640,000, while houses are up by 10.7% with a $850,000 median. Blackburn (6.3%) and Balwyn (4.8%) also saw strong quarterly growth, with median house prices of $1.51 million and $2.75 million respectively.

Templestowe, Blackburn South, Glen Iris and Boronia also reported positive price changes this quarter.

Noel Jones Director Mike Muncey said the strength of the eastern suburbs markets was echoed in their recent results.

“March made for some very happy vendors, with many prices exceeding expectations,” Mike said.

“We helped a three bedroom home in Box Hill sell for $1.65 million, defying the suburb’s median by more than $400,000.”

A four-bedroom Bayswater home changed hands for $1.25 million, smashing the median by almost $300,000.

“Strong market offerings are standing out even more with less properties for sale, resulting in fiery competition for available homes.”

The first half of March this year did not bring the traditional surge in property listing activity. CoreLogic figures show new listings are 12.3% below the previous five-year average and 23.4% lower than last year.

This is due to ongoing uncertainty over interest rates, which could make some owners reluctant to list or postpone plans to upgrade their home.

This bodes well for those choosing to sell, with realestate.com.au reporting a high number of active homebuyers across the market, particularly in Melbourne’s east.

In Box Hill, there are about 109 potential buyers per listing – 15% higher than the average across greater Melbourne.

Croydon South’s unit market is one of the top three suburbs in Australia for potential buyer activity, with 184 per listing. In Ringwood, there are 103 potential new homeowners per listing (8% higher than greater Melbourne), and Mitcham listings have 100 potential buyers.

“We expect to see strong interest continue in Melbourne’s property market, with Commonwealth Bank and Westpac economists anticipating we’re near the end of the interest rate rise cycle,” Mike said.

Demand also continues to outpace supply in the rental market, with the vacancy rate in inner east Melbourne at just 1.2%.

This is resulting in continued growth, with Wantirna’s median rent hitting $480 – a jump of 3.5% across the quarter. Doncaster recorded a similar quarterly increase, with a median of $545.

Local projects such as the Box Hill Central and Westfield Knox redevelopments and many other transport infrastructure upgrades should make the area even more alluring for potential renters.

Meanwhile, we are proud to award the March grant of the Noel Jones Community Support Program to Victoria Police Legacy. The funds will be used to help the Legacy continue tirelessly supporting the families of fallen police officers.

Whether you are looking to buy, sell or lease, Noel Jones is here to help. Contact us today.

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