November market update

Melbourne’s east is proving as coveted as ever, with Wantirna, Blackburn and Ringwood ranking among Melbourne’s 10 most liveable suburbs.

The PwC Australia City-Pulse 2021 report rated Wantirna as Melbourne’s fourth best postcode, based on criteria such as access to transport and amenities, housing prices, job accessibility and open space.

Wantirna South, Glen Iris and Camberwell also made the top 20, proving exactly why buyers are keen to move into the area.

That eagerness is translating into consistently high clearance rates for Melbourne’s east.

Data from Domain shows 71 per cent of properties in Melbourne’s inner east sold this month, reflecting an annual rise of 5.5 per cent. In the outer east, 73.9 per cent sold, increasing by 12.2 per cent over the year.

Property values are continuing to grow across Melbourne, having jumped 0.6 per cent in November. In the last 12 months, the combined price of houses and units has risen by 16.3 per cent to a median of $788,484.

A return to normal life after COVID-19 lockdowns has sent the number of advertised properties skyrocketing. According to CoreLogic, stock levels across Melbourne are sitting nearly eight per cent above the five-year average.

Melbourne also recorded the second highest volume of auctions since records began in November, following October’s all-time high.

Noel Jones once again achieved great results for our vendors and buyers in November. A four-bedroom home in Nunawading changed hands for $2.21m, far exceeding the suburb’s median price of $1.4m for four-bedders.

We sold another four-bedroom property in Blackburn for $1.84m, beating the area’s four-bedroom median by more than $100,000.

Our unit market also performed well. We sold a two-bedroom unit for $844,000 in Surrey Hills, where the median for similar units is $787,500.

Behind the scenes, the Noel Jones team has been working hard to open our new office in Bayswater.

We look forward to the expansion of the sales team, and in the meantime, we’re thrilled to welcome some experienced property managers to the fold.

Their expertise will be much needed as Melbourne’s rental market continues to grow. While rentals were impacted by the pandemic, the sector is well on the path to recovery.

Data from CoreLogic shows housing rents have grown by 4.7 per cent in the past year and units by 1.7 per cent. We expect this growth to be accelerated by the return of overseas students and interstate relocators.

In the coming months, we also expect to see the effect of new borrowing limits introduced by banks.

The Australian Prudential Regulatory Authority ordered lenders to tighten credit conditions from November. While this could curb some borrowers’ budgets, the number of listings on the market gives buyers options.

Speculation continues around a potential rise in interest rates, despite the Reserve Bank insisting they are unlikely to change until 2024.

We’ll continue to watch the market closely so we can provide trusted advice on your property journey.

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