Which Banyule suburbs outperformed in 2023, and what can we expect to see in 2024?
The local market made a strong comeback last year, following a slump in 2022 and early 2023 driven by eight consecutive rate rises.
Despite a further five rises in 2023, the Banyule market began to pick up early in the year, and by spring, listing volumes, sales and home values began to bounce back.
We’ve looked closely at the 2023 data to identify the best Banyule performers and share our predictions for 2024.
Best Performers
Ivanhoe East – Median House Price1 $2,500,000, Median Unit Price1 $1,000,000
Ivanhoe East bounced back strongly in 2023 after recording a median house price of $2,095,000 in Q2 of 2022. Unit’s roared back in 2023 after recording a low of $677,000 in Q2 2022 to $1,000,000 in Q4 2023.
Rosanna – Median House Price1 $1,320,000, Median Unit Price1 $900,000
Rosanna house prices dipped in line with interest rate rises in 2022/23 recording a low of $1,170,000 in Q2 of 2023. They’ve steadily increased since then finishing the year at $1,320,000. Units have been performing well despite the interest rates, dipping to $828,000 at the end of 2022 before recovering to $900,000 in Q4 in 2023.
Melbourne Median House Price Over 1M
The Melbourne house prices defied the economic forecast of a protracted downturn by rising strongly above 1 million dollars and recorded a median house price of $1,047,273 in Dec-232.
Predictions for Banyule in 2024 – Heidelberg
Heidelberg lost some ground in the last 12 months but the average days on market are only 24 and its median house price has started to climb again with room for further gains in 2024 given its livability, excellent amenity and proximity to the CBD. The median house price1 was $1,430,000 in Q4 2023 with an auction clearance rate of 83%. Units had a median price1 of $651,250 in Q4 providing room for further growth in the next 12 months. At Miles we predicted that Heidelberg median house and unit prices will continue to increase in 2024 and currently are offering good value to prospective buyers.
Miles are proud to offer 108 Buckingham Drive, Heidelberg, a classic architect designed mid-century elevated home looking over the scenic Banyule Flats by the Yarra River going to auction on Saturday 17th February.
We have several properties for sale or scheduled for auction in Heidelberg, click here to view the complete list.
Alternately if you are thinking of selling or just want to see where your property sits in the local market, please get in touch. Our agents are the most experienced in Banyule and are more than happy to provide a no obligation and free market appraisal of your home.
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