Melbourne’s east: where are homes still selling?
It is no surprise that Melbourne and Sydney have experienced the biggest falls in house prices and market activity during the recent cycle shift across Australian real estate, but these downturns always present opportunities for both buyers and vendors. In Melbourne’s east, one of the most sought-after areas of the city, there are a handful of leafy green suburbs that continue to show strong activity on the market.
Here are the top 7 performing suburbs in Melbourne’s east according to realestateview.com.au’s own data:
Known for its expansive blocks, incredible parks, and its renowned schooling, Doncaster has continued to see strong market activity.
Starting our list off, Doncaster has had 10 new houses listed for sale over the past month, while in six months it has seen 116 units put on the market.
Since this time last year, house prices in Balwyn North have seen a decline from a median sale price of $1,924,000 to $1,680,000, but there is still a high number of properties entering the market, with 144 new house listings put on the market in the past 6 months.
98 houses in the leafy suburb of Blackburn have been listed in the past 6 months, and 14 new listings in the past month so far.
With median house prices declining by approximately 6 per cent since March 2018, vendors are still seeing an opportunity to leverage the equity they have built over the long-term growth of this suburb, which is why we are seeing strong numbers of both houses and units (52 new unit listings in 6 months) on the market.
16 houses have been listed this past month in Camberwell so far, and 112 new listings for the past 6 months.
A 7 per cent decrease in the median sale price since March 2018 means that houses like the above at 1 Hunter Road are being listed even lower than the current median sale price, creating fantastic opportunities for those who have been previously locked out of this small market to enter.
One of Melbourne east’s oldest suburbs, Kew has seen a considerable drop of approximately 13 per cent in the median sale price for houses since March 2018.
Vendors are still looking to sell within Kew, despite this fall in value, primarily because of the significant long-term growth trend the suburb has experienced. 122 new homes were listed over the past 6 months, and 59 units.
As an inner-eastern suburb, space is always constrained in Richmond, which is why we see so many incredible apartments entering the market. We have seen 165 new listings for units over the past 6 months, eclipsing much of the inner east of Melbourne in terms of apartments for sale.
Median sale prices for apartments in Richmond have actually increased since March 2018 by approximately 4 per cent, hence the number of units being placed for sale. Many owners are taking advantage of this buck in the trend, such as for the above property at 8 Shaw Street, and seeing the rewards.
Glen Iris has also seen a considerable drop in the median sale price of houses, down approximately 10 per cent since March 2018. Yet we have seen 20 new listings for houses this past month and 88 over the past three months.
Like Kew, Glen Iris boasts a large number of sizeable family homes on large blocks of land as well as smaller apartments, making this a diverse market to enter. Apartment median sale prices have decreased approximately 3.9 per cent since this time last year, yet we have seen 33 new unit listings enter the portal in three months.