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Balwyn, Box Hill and Bayswater North among Melbourne’s ‘supercharged’ suburbs

Real estate & property news
03 October 2023
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Rising demand and price growth to boost market confidence

A slew of suburbs across Melbourne are among `supercharged’ areas with rising home sales and new listings.

In Victoria, 23 areas showed very strong growth patterns and were most likely to deliver future price growth, according to the latest Hotspotting Price Predictor Index.

The market has turned around dramatically, according to Hotspotting founder Terry Ryder.

It noted strong momentum across Greater Melbourne, with 58 suburbs experiencing a rise in sales activity as opposed to just 12 in the previous quarter.

Supply of new listings in Melbourne rose nearly 25 percent month-on-month and was the busiest August recorded since 2011, according to PropTrack data.

In the city’s east and outer-east corridor, three `supercharged’ suburbs identified were Balwyn, Box Hill, and Bayswater North.

Buyers moving to Balwyn seek a quality lifestyle with access to prestigious public and private schools, Barry Plant Manningham partner Todd Lucas said.

“They are coming from the city and nearby areas, and older homes are being replaced by new multi-million dollar houses,” he added.

“There are also overseas buyers, and we expect more listings because sellers are confident of the demand.”

A rear townhouse at 3/33 Kireep Road (pictured below), recently fetched $2 million, with multiple buyers interested, Mr Lucas said.

The suburb has a median house price of $2,912,500 and had a 2.9 per cent price growth in the year to August, data showed. Strong demand was reflected in the 4400 buyers interested in the suburb.

In nearby Box Hill, apartments and townhouses dominate listing supply and have recorded strong price growth compared to houses, according to Barry Plant Whitehorse agent Kelly Sun.

“The spring market arrived early, and there are now more listings and sales,” he said.

“Prices for apartments, units and townhouses have increased a lot, and we are seeing more buyers from overseas as well.”

Recent infrastructure upgrades, quality schools and the apartment lifestyle have contributed to the suburb’s popularity, Mr Sun added.

“There is a great future for Box Hill with migrants and overseas investors coming here, and they are used to living in apartments close to shops and transport,” Mr Sun said.

He noted a unit at 2/24-26 Brougham Street (pictured below) had sold for $85,000 above its reserve to fetch $805,000.

“We expect prices to continue rising steadily, especially if interest rates are cut next year,” he said.

“And Box Hill will be a key market for international and local buyers and investors.”

In Bayswater North, the affordable prices and larger blocks are attractive to buyers moving from more expensive suburbs, Barry Plant Boronia agent Keith Wilson said.

“There are more listings now because owners have the confidence to sell, and more are getting their homes ready for sale,” he said.

“Renovated homes are doing very well and many buyers are young families attracted to the lifestyle.”

Mr Wilson noted that four and five-bedroom homes in some estates had as many as five-10 offers each, while townhouses and units also experienced a high turnover.

Easy access to schools, shopping centres, outdoor recreation areas and transport were key factors for the growing demand.

Real estate & property news
03 October 2023
Save Article

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