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​Positive results underpin solid start to the year.

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Melbourne

Banyule

Miles Team

Autumn

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The Melbourne property market has had a solid start to 2018, with clearance rates sitting at around 70%.

The REIV’s most recent quarterly figures (for December 2017) revealed an overall 13.2% increase in Melbourne’s median house price to $821,000 and a 10% increase in unit prices to a median of $594,000. House prices in Melbourne have risen steadily every quarter for the past five and half years - and show little sign of heading anywhere other than upwards in 2018. 

525 The Boulevard, Ivanhoe East sold for $4,250,000

Looking specifically at the Banyule market, 2017 finished on a high note with Ivanhoe  and Ivanhoe East reaching median prices of $1.411 million and $1.905 million respectively. Montmorency, Heidelberg, Heidelberg Heights and Greensborough all saw year-on-year growth of more than 10%. Rosanna was the standout – adding 22% to its median price over 12 months.

The Miles team has enjoyed a busy start to 2018 with more properties coming on to the market in February than we have experienced at the same time in previous years. The final weekend of February saw 12 out of the 13 properties we auctioned achieve a result on the day. This positivity is no doubt underpinned by strong buyer demand with some auctions attracting upwards of three bidders.


"The Miles team has enjoyed a busy start to 2018 with more properties coming on to the market."


With high buyer demand and strong bidding at auction, all the key signs would indicate we are heading towards a buoyant local autumn market.


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