Rowville 3178: Sought after by families and ‘repeat’ customers
Spacious and younger homes complemented by plentiful amenities make Rowville a desirable suburb, especially for families looking to upsize.
Many of Rowville’s home sellers and buyers are repeat customers of the local Barry Plant office who want to move in or continue living in the southeast suburb.
Barry Plant Rowville managing director Brenton Wilson, who has serviced the suburb and nearby areas for decades, has had the pleasure of selling for and selling to the same families, first for the parents and later for their adult children.
“The first-time buyers here often go on to upgrade when their families grow and then later downsize as empty nesters or move into one of several retirement villages,” Mr Wilson said.
“Upsizers like to come here for the value they get and houses with four bedrooms, two bathrooms and a double garage are the most popular.”
In the City of Knox, Rowville lies 27km from the Melbourne CBD. Settled by pastoralists in the 1830s, the suburb was named after the Row family who established a homestead at Stamford Park in 1882. The Post Office opened in 1905.
Rowville experienced rapid residential and light industry development from the 1980s, and due to a housing boom, it soon became a favourite among buyers moving further east of the city.
“One of the main attractions for residents and buyers is that Rowville is one of the youngest suburbs in Knox, with more homes that are recently built,” Mr Wilson said.
“Large homes appeal to families who are upgrading, and the area’s good infrastructure suits them.”
Four primary schools and two secondary colleges serve the suburb, which in 2021 had an estimated population of nearly 34,000 with a density of 1,561 persons per sq km.
Residents are spoilt for choice with three shopping precincts in the west, north and south plus corner milk bar stores that are still in operation.
The largest shopping precinct is Stud Park (photo below), followed by Wellington Village and Rowville Lakes shopping centres. For those wanting more variety, a quick drive reaches Knox City Shopping Centre in Wantirna South and The Glen and Kingsway dining precinct in Glen Waverley.
While Rowville does not have its own train station, it is serviced by an efficient bus network and major roads, including the Monash Freeway, EastLink and Wellington Road service it. Several train stations are easily accessible nearby.
Monash University and Monash Hospital are minutes by road and many residents commute to the city. Bayside beaches, the Dandenongs and Mornington Peninsula are a short drive away.
Barry Plant Rowville records show the suburb has been a high-demand market with a steady turnover in sales for a long time. The number of offers and bidders per listing are well above the Melbourne average, Mr Wilson said.
It has pockets of sought-after estates with prestigious homes and plenty of popular four-bedroom family houses.
The suburb’s median house price was $1.115 million in the 12 months to August 2022, according to realestate.com.au data. Its growth was a strong 20.9 per cent during the period based on 363 sales.
In the year to December 2017, Rowville house sales totalled 403 with the median price at $861,000. By 2021, the median house price had risen to $1 million.
Houses list for an average 23 days on the market before selling but popular listings often sell within a week or two weeks of coming on the market. The highest demand is for three and four-bedroom houses.
Houses in Rowville have the potential to fetch a weekly rent of $510 based on 380 rental listings over 12 months. This is likely to increase as rental stocks decline and demand rises from renters. Units are cheaper to rent at $420 a week and give investors a yield of 3.8 per cent.
The suburb is among Victoria’s auction hot spots, with a clearance rate of almost 94 per cent from 110 auctions in the first eight months of 2022. It ranked Number 3 in the state.
Private sales and Barry Plant’s own `Sale by SET DATE’ method are also popular sales systems in the suburb.
Rowville has an estimated 12,000 dwellings with the majority being houses. More units and townhouses have been built in recent years to cater to more first-home buyers, investors and downsizers.
It is the most active market in the City of Knox, making up about 20 per cent of the municipality’s total residential sales each year.
Seen as a self-sufficient suburb with modern amenities, ample parkland and lakes, it has golf courses and sports clubs that offer football, cricket, soccer, basketball, netball and athletics.
Held each October, the area’s popular Stringybark Festival is among Australia’s longest-running sustainability events and attracts more than 25,000 visitors.