Demand Continues Unabated In 2017



Melbourne’s property market has continued to surge ahead in 2017. While some were predicting a slowdown on the back of a very strong 2016, fundamentals including low interest rates and a rising population (almost 100,000 people are moving to Melbourne each year!) continue to underpin ongoing growth.

As you will read in the following Glen Eira, Bayside and Carnegie market updates, highlight sales have been plentiful in recent weeks, with several examples of our team achieving results well in excess of vendor reserves. Auction clearance rates have also been high across our three offices, with 100 per cent clearance rates recorded on more than one occasion during autumn to date. 

Of all property types, detached houses are proving to be particularly popular with buyers. As inner and middle ring suburbs are developed in line with new planning regulations introduced to accommodate a rising population, the value of a detached home with a garden and off street parking is only set to increase.

At the same time, the relatively affordable price of well located apartments is seeing this property class begin to grow again after a period of relatively modest capital gain. The Victorian government has introduced measures to help first home buyers enter the market, including abolishing or discounting stamp duty for first home buyers purchasing a property for under $750,000. In Glen Eira and Bayside, this may well see demand for one and two bedroom apartment’s rise, as many of these are currently priced under the $750,000 threshold.

Australia’s lending regulator, APRA, has recently introduced reforms aimed at cooling surging property markets in both Sydney and Melbourne. Chief among these reforms is the new requirement that banks cap the number of interest only loans on their books at 30 per cent of total borrowings. While this may slightly reduce investor activity, in Glen Eira and Bayside we predict buyer demand to remain high, given the large number of owner occupiers wishing to call this beautiful part of Melbourne home.

Following on from our wins at the 2016 REIV Awards, Gary Peer & Associates was thrilled to be nominated as finalists (Large Agency and Small Agency of the Year) at this year’s Real Estate Institute of Australia (REIA) National Awards for Excellence. Congratulations to our dedicated, professional and high-performing team on achieving national recognition!

SIMILAR ARTICLES

Carnegie Market Update - July 2016

The Gary Peer Carnegie team has been working hard throughout the year, achieving some excellent results across all property sales types.

Carnegie Market Update - September 2016

The median price in Carnegie for units rose substantially (17.8 per cent) in the June 2016 quarter to $590,000.

Carnegie Market Update - January 2017

In 2016, the Gary Peer Carnegie team continued to increase its market share while creating sales records across the 3163 postcode.

Carnegie Market Update - May 2017

The market is hot in Carnegie!

Glen Eira Market Update - July 2016

June ended just as it began with a 100% clearance rate at auction.

Glen Eira Market Update - September 2016

On Sunday 18th September, we sold every property at our 15 auctions.

Glen Eira Market Update - January 2017

The Gary Peer clearance rate for 2016 was above 97%!

Glen Eira Market Update - May 2017

With ongoing buyer demand our team continues to exceed industry standards.

St Kilda & Bayside Market Update - July 2016

Although many vendors we are speaking with are choosing to wait until spring to sell their properties, buyer demand remains strong in Melbourne’s Bayside region.

St Kilda & Bayside Market Update - September 2016

Median house prices in Bayside Melbourne are reflective of the solid year we are experiencing.

St Kilda & Bayside Market Update - January 2017

As we reflect on the 2016 Bayside property market, Gary Peer St Kilda can confidently report an exceptional year of results achieved on behalf of our clients.

St Kilda & Bayside Market Update - May 2017

Full steam ahead for the bayside market!

Residential Tenancies Act Review Update

The Act was last reviewed in the 1990s – before the internet had even entered the mainstream.

Bentleigh - What makes it One of Melbourne's Most Liveable Suburbs?

Established in the early 1900s when the Frankston train line brought increased accessibility to the area, Bentleigh remains alive with the charm of an earlier era.

Carnegie: Melbourne’s new sought-after suburb

A phenomenon has swept across greater Melbourne as inner-suburban prices have sizzled.

Melbourne's Rental Market - No Surprises

There have been no significant changes within Melbourne’s rental market over the last quarter.

The Caulfield Races - Part of Our Area's Historical Past and Vibrant Present

As Melbourne’s tree lined streets start to bloom and the temperature begins to rise, the Caulfield Carnival finds its way back on to the city’s social calendar.

Glen Huntly Reservoir Redevelopment Update

The project is a key priority of the Glen Eira Open Space Strategy, which outlines a plan to undertake detailed design and stage one implementation to open up the Reservoir as a new open space.

Then and Now: 5 Year Comparison of House Prices in Glen Eira and Bayside

Ormond, St Kilda East, Caulfield South and Murrumbeena experienced the most notable increases.