The start of the year has been marked by elevated buyer demand for property throughout Oakleigh, Oakleigh East, Oakleigh South, Chadstone, Hughesdale, Huntingdale and surrounds.
Buoyant market conditions at the end of 2019 have flowed through to the start of 2020. According to REIV data, the median house price in Oakleigh rose by 17.6 per cent in the December quarter, to $1.3 million compared with the Melbourne metro average of $860,000.
At Woodards Oakleigh we are experiencing very good numbers at open for inspections, as well as high levels of buyer enquiry. A lack of property coming onto the market is currently proving challenging for buyers, many of whom are finding themselves competing against several other interested parties to secure a property.
Confidence in the local real estate market has risen in recent months. We expect this trend to continue, particularly if already low interest rates drop further, as has been forecast by a number of commentators. Prices being achieved for properties within the City of Monash and surrounds have well and truly bounced back after dipping towards the end of 2018/early 2019.
In particular, strong competition for freestanding family homes is returning pleasing results for our vendors. A case in point is our recent sale of 28 Calembeena Avenue, Hughesdale. This well presented, 4 bedroom period home attracted multiple bidders and sold for $1.836M – more than $300,000 above our vendor’s reserve. Meanwhile, our result of $955,000 for a very original, compact 2 bedroom house sitting on just over 600 sqm at 47 Amaroo Street, Chadstone reflects appetite for land in areas offering lifestyle benefits such as good schools and easy access to transport and shops.
Villa units continue to be highly sought after throughout all suburbs served by the Woodards Oakleigh team. Our sale of 4/1-3 Freda Street, Hughesdale reflects demand for single story villa units, with this immaculate 3 bedroom property selling for $885,000 against expectations in the mid-$700,000s.
We are hearing from some vendors that they are planning to adopt a ‘wait and see’ approach in 2020. Our advice would be to act decisively should you be planning to sell in 2020. Current conditions are very favourable, particularly for sellers looking to achieve a strong result in order to up- or down-size.
Looking ahead to the autumn property market, it is our expectation that buyer enthusiasm will intensify. If you are considering an autumn sale, now is the time to start preparing your property. With Easter and the school holidays to consider, it’s important to seek early advice about auction dates in order to maximise the success of your campaign.