Screen Shot 2018 12 13 At 3 27 58 Pm

A healthy levelling of Banyule house prices ahead of the festive season

Market Updates

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Banyule

Miles Team


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The Banyule municipality proved its resilience again during the July - September period in 2018. REIV figures reveal a median house price of $920,000 - a positive quarterly increase of 3.3%. 

Perfectly situated a stone’s throw from Melbourne CBD, and well serviced by public transport, the quiet streets of Banyule offer prospective buyers a picturesque, community-focused lifestyle that underpins sustained market interest in the region.

More broadly, a healthy levelling off of prices characterised the subdued Melbourne property market in the September quarter. Clearance rates in Melbourne remained steady at 58% for the same period according to REIV figures. 

These statistics, influenced by the continued impact of stricter lending regulations, reflect the current position of many prospective buyers who face an uncertain, or reduced, borrowing capacity and often a greater timeframe to secure adequate financing. 

While the Melbourne market may be less active than previous years, the team at Miles have proudly guided several of our clients to achieve sales results well in excess of expectations. Six of nine properties sold by Miles at auction on the first weekend of December secured excellent results. 

To gain the best possible sales outcome for your property, vendors should consider meeting the market as quality homes that are accurately priced and have been presented with care, continue to sell well. 

In comparison to previous years, we see opportunity for prospective buyers to capitalise on a greater selection of property types and reduced competition amongst buyers while securing a purchase prior to February/March 2019. Many vendors are also showing greater flexibility with settlement dates.

From our family to yours, Miles wishes you a safe and happy festive season, and we look forward to partnering with you in 2019.


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