A strong finish to Banyule property sales in 2021 points towards an equally positive start to 2022. This is supported by a high number of sales campaigns in market under the expert guidance of the Miles Ivanhoe and Rosanna residential teams. February and March auction listings have already exceeded those for the same period in 2021.
Higher than usual open for inspection attendance numbers reflects strong buyer activity, with demand continuing for properties that are priced to match market expectations. Although we anticipate further price growth throughout 2022, our expectation is it will be substantially more modest than last year.
Figures released by the Real Estate Institute of Victoria (REIV) for the December 2021 quarter saw Melbourne’s median house price rise to a new high – $1.125 mil. This means Melbourne’s median house price has doubled in less than 10 years. Locally, the same report reveals many of Banyule’s suburbs achieved record median house prices:
- Ivanhoe – new record median house price of $2.1 mil. Unit/apartment price stable at $803k
- Ivanhoe East – new record median house price of $2.45 mil. Unit/apartment price stable at $674k
- Eaglemont – new record median house price of $2.58 mil. Unit/apartment – $1.13 mil
- Heidelberg – new record median house price of $1.57 mil. Unit/apartment price stable at $650k
The ripple effect of COVID-19 is still being felt in the property market. We continue to meet buyers who are keen move out of inner city suburbs to be closer to the green wedges, parklands and recreational spaces of Banyule. Talks of interest rate rises in the next 3-6 months will also drive a sense of urgency among buyers and sellers who want to transact before any rate changes.
Here is a selection of our recent sales results:
- 40 Hardy Terrace, Ivanhoe East - $3.050 mil
- 35 Charteris Drive, Ivanhoe East - $2.375 mil – off market
- 20 Studley Road, Ivanhoe - $2.1 mil - off market
- 81 Grandview Grove, Rosanna - $2.205 mil
- 80 Buckingham Drive, Heidelberg - $1.66 mil
- 11 Learmonth Street, Heidelberg $1.4 mil – off market
The Miles team is always available to provide further insights and advice about the local real estate market. If you have any queries, or are considering your options, please don’t hesitate to get in touch.
