As the 2020 real estate market swings into action, buoyant conditions are returning some outstanding results for Manningham vendors.
Properties throughout Doncaster, Donvale, Templestowe and surrounds are benefiting from the combination of historically low interest rates coupled with increasing buyer demand. Identical conditions saw a very strong close to the 2019 property market, and in 2020 we have picked up where we left off. According to REIV data, the median house price in Doncaster rose 0.7 per cent in the December quarter, to $1.3 million compared with the Melbourne metro average of $860,000. December median house prices for Donvale and Templestowe were recorded at $1.35 million and $1.42 million respectively.
At Woodards Doncaster we are seeing high numbers at open for inspections. This important market indicator reflects healthy levels of demand. For those looking to sell in 2020, current conditions present a window of opportunity, particularly given the low number of properties coming onto the market compared to recent years. With fewer homes for sale, increased competition from enthusiastic buyers is helping many properties in our area sell quickly and above reserve.
Continued demand for property in Manningham reflects the area’s popularity, with school zones continuing to be an important driver of buyer enquiry. Many buyers are motivated to purchase within the prestigious East Doncaster Secondary College zone or within the zone for either Doncaster Gardens Primary or Serpells Primary School. International buyers have also returned to Manningham, attracted by the area’s amenity. This will be a factor to watch in 2020.
Freestanding homes on good blocks continue to appeal to a wide range of buyers. Our team recently achieved a fantastic result for 12 Inglewood Close Doncaster East. More than 80 groups came through this 4 bedroom ‘renovator’s delight’, which achieved $1.27 million at auction – a result well above our vendor’s expectations. Well located townhouses are also highly sought after, as reflected in our sale of a new 3 bedroom townhouse at 301a Porter Street, Templestowe for $1,100,500.
Looking ahead to autumn, vendors can feel confident of a successful outcome. After spring, autumn is the most popular time of year to sell a home and with Easter and school holidays impacting campaign timings, it’s important to act decisively to make the most of current favourable conditions.