Back to Blog

Local Market Records An Impressive Start

Category: Buying, Selling, Landlords

Against the backdrop of a Melbourne-wide rebound, the Waverley property market has started strongly in 2020. Buyer enquiry rates are high, as is attendance at open-for-inspections. At our first open for 2020 more than 46 groups attended – a huge turnout!

Interest rates are at historic lows and banks have begun to relax lending standards, making it easier for would-be buyers to access finance to purchase a home. Leading into spring 2019 many vendors still felt a little uncertain. With fewer than usual properties on the market, yet influx of buyers, prices began to exceed expectations.

In the current environment we are seeing buyers return to the market in force – both locals as well as international buyers. At the same time, the number of properties for sale has been relatively low in recent months. This has created intense competition for many homes, and outstanding results for vendors.

Here at Woodards Waverley, several recent notable sales attest to the current strong market. We sold 2/15 Beverley Grove Mount Waverley in December. This 3 bedroom townhouse with parkland views achieved $1.41 million. Our recent sale of 15 Regent Street Mount Waverley reflects ongoing demand for well-located family homes on good blocks of land, with the 4 bedroom, single-level property achieving $1.72 million.

Our sale of two homes in the same street highlight rising confidence in the local market. We sold number 9 Waimarie Drive, Mount Waverley in September 2019 $1.607 million. When we sold a very similar home at 17 Waimarie Drive, Mount Waverley just two months later, it achieved $1.67 million – over $60,000 higher than its counterpart.

According to REIV data, houses in both Mount Waverley and Glen Waverley grew by 3.7 per cent in the December quarter, rising to a median sale price of $1.37 million and $1.34 million respectively. The December unit median in both suburbs was $639,000.

Buyers continue to be drawn to the City of Monash with its exceptional public and independent schools, community feel, local shopping options and easy public transport access to the CBD. All property types are in demand, including family homes, townhouses, villa units and apartments.

If you are considering selling your property in 2020, we would encourage you to act decisively, as current conditions present a unique window of opportunity. Backed by February’s excellent results, the autumn market looks poised to deliver strong outcomes for sellers.