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City of Banyule: Melbourne’s leading municipality for price growth

Real estate & property news
26 June 2024
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New Barry Plant Ivanhoe office set to achieve outstanding results for buyers and sellers

The City of Banyule is leading municipalities across Melbourne for the strongest annual property price growth.

The region recorded a median house price surge of 9.5 per cent to $1.04 million in the 12 months to March this year, according to Domain’s House Price Report.

Located northeast of the CBD, Banyule covers 21 suburbs, including Bellfield, Eaglemont, Heidelberg, Heidelberg Heights, Ivanhoe, Ivanhoe East, Rosanna, Viewbank and Macleod.

Family buyers seeking larger move-in ready homes are active in the region, according to Barry Plant Manningham partner James Goulopoulos.

“There has been strong interest from buyers coming from the eastern suburbs, particularly from the Manningham area,” he said.

“They are attracted to the area for its value, infrastructure and potential for capital growth.”

A Banyule/Manningham local and former student at Ivanhoe Grammar School, Mr Goulopoulos, will soon head Barry Plant’s newest office in Ivanhoe.

“I’m excited to be a part of the new office to be opened soon,” he said.

“Our boutique business will attract more buyers through the Barry Plant network, and stronger results for vendors.”

Mr Goulopoulos understands the local market better than most and the area’s attractions.

“This is a beautiful place to live in that offers a cosmopolitan lifestyle which draws buyers from across Melbourne and interstate,” he said.

Complemented by serene parks and recreation areas, the Banyule region features quality public and private schools, multiple train stations, shopping hubs, and world-renowned medical facilities including The Austin and Heidelberg Repatriation hospitals.

Housing types are diverse and appeal to buyers from the entry-level to high-end, including new builds, renovated older homes and period charmers.

There is strong demand from downsizers looking for low-maintenance apartments, retirees wanting single-level villa units, and families keen to upsize to larger luxury homes.

Many properties are being snapped up prior to auction because of the strong competition.

In Ivanhoe, the five bedroom, four-bathroom showpiece on 1041sq m at 17 Lochabar Court, sold for $2.35 million.

SOLD 17 Lochabar Court, Ivanhoe

“This lovely home with a pool was bought by a family who wanted to upsize and stay in the area,” Mr Goulopoulos said.

In Macleod, the four-bedroom house with a pool on 700sq m on 10 Omeara Place, sold for $2.28 million to a family from the eastern suburbs who were also wanting to upsize.

“This luxury residence is in a great spot overlooking Gresswell Wildlife Reserve,” Mr Goulopoulos said.

SOLD 10 Omeara Place, Macleod

Bundoora primary and secondary schools, Watsonia and Macleod train stations, and several shopping precincts, are nearby.

Another family from the eastern suburbs splashed $2.81 million to win the keys to the modern four-bedroom house with a classical twist on 824sq m at 7 St Andrews Avenue, Rosanna.

“This was the second highest price paid for a residential property in the suburb,” Mr Goulopoulos said.

SOLD 7 St Andrews Avenue, Rosanna

The property is near parks, train station, Heide Museum of Modern Art, Latrobe Uni, Northland shopping centre, and is in the Viewbank College and Charles La Trobe College zones.

Other top performers for price growth across Melbourne regions included Knox, where prices rose 5.6 per cent to $950,000, Moreland North, up 5.5 per cent to $770,000, Whitehorse East (5.4 per cent to $1,222,500) and Nillumbik Kinglake (4.6 per cent to $1.135 million).

Real estate & property news
26 June 2024
Save Article

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