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Buyers flock to Melbourne’s north-east

Corporate - Home Page
02 July 2021
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Montmorency, Watsonia, Greensborough homes in-demand

Homes in Melbourne’s north-eastern suburbs are attracting phenomenal interest from buyers.

Montmorency, Watsonia and Greensborough houses each notched more than 13,000 average clicks per listing in the past six months, according to data.

Blairgowrie headed the list of the top nine most in-demand Melbourne suburbs with 15,133 average views per listing, followed by Montmorency (14,991), Albert Park (14,903) and Watsonia (14,819).

Rounding up the list were Sandringham (14,782), Greensborough (13,563), Surrey Hills (13,478), Hawthorn (13,429) and Fitzroy North (13,306).

The mix of suburbs reflected the move to more lifestyle properties, according to chief economist Cameron Kusher.

“We have definitely seen this push to outer areas since the pandemic, which is driving areas like Blairgowrie and Montmorency,” he said.

Montmorency, Watsonia and Greensborough are established leafy suburbs about 16-18km from the CBD and offer a relaxed lifestyle, good schools, shopping centres, public transport and all the city conveniences.

The median house prices in these areas are below Melbourne’s that hit a record $1 million in April, with Montmorency’s now at $945,000, Greensborough $887,000 and Watsonia $840,000.

Low interest rates plus stamp duty savings for homes priced up to $1 million have contributed to the demand from all types of buyers, Barry Plant Greensborough director Brayden Schmidt said.

“There is super-high interest in homes in these areas and sales have gone through the roof,” he said.

Second-home buyers wanting to upsize to four-bedroom homes are flocking to Greensborough and Montmorency.

A fully renovated four-bedroom house at 27 Fricker Ave, Greensborough was snapped up before auction by a local family for $1.23 million, more than $200,000 above the seller’s expectations.

“This property was heavily inspected with more than 100 people visiting the home, with close to 10 offers,” Mr Schmidt said.

Smaller homes in Montmorency are in high demand because of their affordability, including a two-bedroom house at 27 Coventry Street, on a subdivided block with its own title and street frontage.

“This property was heavily contested with 10 bidders fighting strongly at the auction,” Mr Schmidt said.

The weatherboard house sold to a young couple from Melbourne’s inner-east for $845,000, a whopping $150,000 above the seller’s reserve.

Houses in Watsonia are magnets for young first-home buyers looking for cheaper smaller homes and cashed-up downsizers from the Plenty Valley attracted to the newer more upmarket offerings.

The downsizers are wanting smaller, more manageable properties within easy distance of shops and train stations, Mr Schmidt said.

The established area also attracts families, investors and developers wanting to buy older houses on big flat blocks with development potential to build their dream homes or units.

“These buyers are happy to pay a premium for these houses they can knock down and rebuild without overcapitalising,” Mr Schmidt said.

A renovated house on 750sq m on Grace Street sold for $1.15 million.

“There were upwards of 10 bidders fighting strongly for this house that was snapped up by an investor,” Mr Schmidt said.

Corporate - Home Page
02 July 2021
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