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Knox properties shine for price growth

Real estate & property news
01 July 2024
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Younger homes on bigger blocks in demand

The City of Knox is one of Melbourne's top municipalities for annual property price growth.

The median house price rose 5.6 per cent to $950,000 across the region in the 12 months to March this year, according to the Domain House Price Report.

Prices increased in the past 12 months as demand outstripped the supply of homes for sale, according to Barry Plant Rowville managing director Brenton Wilson.

“Strong competition is placing an upward pressure on prices,” he said.

When a property comes up for sale it attracts an average of three written offers, according to Mr Wilson.

Most homes sell above expectations and more than 90 per cent are snapped up before or by their Sale by SET DATE®.

“If properties have good marketing campaigns and are priced realistically, they will produce good results for vendors,” Mr Wilson said.

Homes across the nine Knox suburbs are sought after because they are relatively younger than those in neighbouring regions, have larger block sizes, and are supported by quality infrastructure.

There is an efficient bus network with two major bus hubs, three train stations, a Westfield shopping centre in Wantirna South, Eastland shopping centre in Ringwood, and vibrant shopping villages in Rowville, Knoxfield, Scoresby, The Basin, Boronia, Bayswater and Ferntree Gully.

Families are spoilt for choice with numerous private and public schools in the area, including St Jude’s Primary in Scoresby, Boronia K-12 College, The Knox School and Waverley Christian College in Wantirna South, and Heritage College Knox in Ferntree Gully.

Mr Wilson said the Knox region offered a myriad of housing types to suit most entry-level to high-end buyers, particularly second-home buyers keen on large four-bedroom houses with multiple living areas plus a study or office.

“They are mainly families looking for more space, a bigger backyard, and room to work from home,” he said.

Mr Wilson pointed to the four-bedroom, three-bathroom house on 840sq m 15 Helena Court, Rowville, which sold for $1.33 million to a Berwick family relocating to the suburb.

SOLD 15 HELENA COURT, ROWVILLE VIC 3178

“We had six competitive offers for this one-owner home with four living areas,” he said.

Younger homes on larger blocks were in high demand in Rowville, as were renovated houses in leafy Boronia and Ferntree Gully, and the luxury lifestyle properties in Lysterfield, Mr Wilson said.

Buyers from as far as Brighton were eyeing the architect designed five-bedroom house on 11730sq m at 29 Logan Court, Lysterfield, which sold for an eye-watering $6 million to a local family.

SOLD 29-logan-court-lysterfield-vic-3156

Homes near train stations in Bayswater, Boronia and Ferntree Gully are also coveted, as are the newer apartment, unit and townhouse developments, which are popular among first-home buyers, downsizers and retirees.

“Some of these buyers have lived in the area for 30 to 40 years and want to remain here,” Mr Wilson said.

After attracting four offers, a two-bedroom townhouse on 530sq m at 2/125A Underwood Road, Ferntree Gully, sold to a downsizer for $755,000.

SOLD 2-125a-underwood-road, ferntree-gully

“This property has a good size backyard and is just 450m from the train station and shops,” Mr Wilson said.

Offering great value, a modern two-bedroom townhouse at 3/203 Boronia Road, Boronia, was snapped up by first-home buyers from Ferntree Gully for $572,000.

SOLD 3-203-boronia-road-boronia-vic-3155

Other municipalities for top price growth across regions included Banyule, up 9.5 per cent to $1.04 million, and Whitehorse East (5.4 per cent to $1,222,500).

Real estate & property news
01 July 2024
Save Article

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