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Banyule market stabilises through spring

Market Updates

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Spring


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Melbourne’s property market remains steady with an average clearance rate for 2018 so far of around 60%. According to recent figures released by the REIV, 375 properties in the Banyule municipality were sold during the April-June period, one of the highest figures in metropolitan Melbourne.

There has been considerable attention focused on the Melbourne property market, with indications that it has lost some of the momentum of 2016/2017. However Ivanhoe and Ivanhoe East both enjoyed an annual median price increase of more than 11%, at $1.675m and $2.0525m respectively. Rosanna also challenged market trends with an annual increase of more than 10%, and a 6% rise for the quarter. An above average median unit price of $660,000 placed Banyule among the most sought after municipalities.

Current market conditions have led to an increasing number of prospective buyers and vendors negotiating a sale prior to auction. 

As we head into the busiest selling period, we recommend prospective buyers convey any serious interest in a property to our sales consultants to ensure they are in the mix at negotiation time, if a pre-auction sale is likely.

This adjustment to a more price sensitive market has been in uenced by tighter lending policies implemented by the banking sector earlier this year, impacting both developer, investor and owner occupiers’ behaviour.

Moving into spring, the team at Miles are preparing to bring substantially more properties to market — a positive sign for buyers confronted by limited supply earlier in the year.

Prices should stabilise across Melbourne as we move toward 2019. 


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