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.
