Market update

The first quarter of 2021 has come to an end and we couldn't have predicted the year to begin like this.

With the weather beginning to cool down, the market is hot- real hot! For the March Quarter, the national home value index increased at its fastest pace in 32 years, with Melbourne experiencing a 2.4% rise in March alone. Interestingly, regional Victorian values were up 2.6% with many looking to buy in regional and country areas.

Locally, we are experiencing high demand with low supply, creating a lot of interest in properties and a sense of FOMO in buyers.

Released by the REIV, below you can see that most local suburbs experienced an increase in the average median house price for the quarter. With all suburbs experiencing strong annual growth, standout suburbs include; Mount Evelyn, Croydon Hills, Croydon North and Chirnside Park.

  Dec 2020 Qtr March 2021 Qtr Quarterly Change Annual Change
Boronia

$735,000

$775,300

5.5%

4.1%

Chirnside Park

$862,500

$815,000

-5.5%

12.0%

Croydon

$807,500

$860,888

6.6%

5.7%

Croydon Hills

$885,000

$1,010,000

14.1%

13.6%

Croydon North

$951,250

$962,000

1.1%

11.7%

Croydon South

$749,500

$860,000

14.7%

3.4%

Kilsyth

$707,000

$691,250

-2.2%

2.3%

Lilydale

$799,000

$795,000

-0.5%

8.7%

Montrose

$740,000

$761,250

2.9%

2.5%

Mooroolbark

$722,500

$745,000

3.1%

5.8%

Mount Evelyn

$708,000

$825,000

16.5%

16.7%

         

Source: REIV Monthly Research Bulletin. The median price is defined by the REIV as the middle price in a series of sales. 

 

For buyers, this type of market can be challenging. We suggest speaking to our finance specialist and have everything in order before inspecting property, so you can put your best offer forward when the time comes.

With many buyers waiting and wanting to purchase, we have accumulated a list of properties that are wanted, take a look to see if your property is a match- please CLICK HERE

So the question is, how long can this growth continue? How will the end of incentives such as 'Job Keeper' impact the market in April and beyond? Have we reached the peak? Only time will tell! We look forward to watching the market closely for the June quarter and beyond.

By Emma Jackson - 22-Apr-2021

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