House prices in Manningham’s sought-after suburbs still have room to grow in robust market conditions.
Buyers should consider getting into the market before prices in Bulleen, Doncaster and Templestowe continue their strong price gains from the first quarter of the year, Barry Plant Manningham director, Mark Di Giulio said.
“We can expect further increases in the median house price for the next three to six months,” he said.
“But with more sellers now putting their homes on the market and a limited pool of buyers, the market should then plateau.”
Mr Di Giulio noted that the market was buoyant and driven for the first time by local factors and not from demand by international buyers and new migrants.
The median house sale price in Bulleen grew by 22.7 per cent – the best-performing among Manningham suburbs – from $1,108,500 to $1.36 million in the first quarter.
Real Estate Institute of Victoria data also showed the median sale price for Templestowe houses grew 17 per cent or $240,000 - from $1.41 million to $1.65 million.
Next door, Templestowe Lower recorded growth of 8.9 per cent from $1,165,750 to $1.27 million.
“I am not surprised with Bulleen’s strong performance as it is quite popular with family buyers and has easy access to the north, wineries and is only 11km from the city,” Mr Di Giulio said.
“The new freeway will also add value to properties in Bulleen and astute buyers are getting in before prices rise further.”
He also noted that buyers to Bulleen were coming from more expensive areas such as Ivanhoe and from the Austin Hospital precinct.
In recent weeks, listings have increased as homeowners see the market is stable and has improved, Mr Di Giulio added.
Demand in the first quarter grew with buyer numbers doubling at inspections, according to Barry Plant Doncaster East agent, Todd Lucas.
They comprised mainly families from outside Manningham joining locals seeking to upgrade to larger homes.
Upsizing became popular after the experience of being locked down and working and studying from home.
And demand is also strong from retirees and seniors downsizing from larger homes and acreages to townhouses, units and apartments, Mr Lucas added.
The strong price growth was also due to buyers prepared to pay a premium to get into quality suburbs. Many buyers are also making strong offers prior to auction to secure properties.
“Confidence among buyers is back and those buying in Bulleen and Templestowe are doing it for the long term,” Mr Lucas said.
“They are emotionally invested in these suburbs and Manningham residents tend to stay in the area for a long time.”
Also recording strong median price increases were Doncaster and Doncaster East. They had 6.0 and 6.9 per cent increases to $1.42 million and $1.4 million respectively.
In tightly held Park Orchards, the median house price reached $1.92 million or a 5.9 per cent growth over the December 2020 quarter.
Among recent top sales was 7 Arnold Drive, Templestowe, which fetched $3.33 million one day prior to auction. The five-bedroom, five-bathroom house sits on a lifestyle block of nearly 4000sq m.
In Bulleen, 91 Helene Street, sold for $1.5 million which was well above the top of the quoted price range.