Impressive auction results and fear of missing out are expected to ensure a strong autumn start in Monash suburbs.
Coupled with a lack of supply amid strong demand, this should keep the market ticking along in coming months, according to Barry Plant Glen Waverley director, Sam Rossello.
“We had a 100 per cent clearance rate with auction properties on two consecutive Saturdays at the end of February,” he said.
“Sellers are getting massive prices well above expectations and private sales have multiple offers.”
The agency sold all 10 auction properties over two weekends to close the summer season.
Mr. Rossello said buyers had resorted to making pre-auction offers because of the fear of missing out.
“But we are advising sellers to go to auction because the competition is driving up prices.”
Sellers have achieved prices “well above target” in many suburbs as buyers competed for the available properties.
“Although summer was busy, the number of properties available to list for sale have been down compared with previous years, - between 10 and 20 per cent - depending on the suburb,” Mr. Rossello said.
“Anything under $2 million is saleable and there are plenty of buyers in the $1 million to $1.5 million price range, with seven to eight buyers per property.”
Many buyers don’t get a chance to bid because of strong competition at auctions.
“Many are missing out and with many leftover buyers, this is a good time for owners to sell,” Mr. Rossello added.
“The current market may continue for a few more months.”
Meanwhile, traditional buyer hotspots of central Glen Waverley and Mt Waverley – both in sought-after secondary college zones – are still reporting strong activity, he noted.
“There may be fewer international buyers in these areas but the market has strong local buyer demand,” Mr. Rossello said.
Areas on the Monash fringe such as Wheelers Hill, Notting Hill and neighbouring Vermont South, have also grown in popularity.
“There are good buying opportunities in these areas. Wheelers Hill has done well and has been seen as undervalued for a long time,” Mr. Rossello said.
Recent sales in the suburb include 67 Lum Road, which had multiple bidders and sold for $1.86 million or well above expectations.
Also in Wheelers Hill, the four-bedroom house at 14 Haversham Avenue soared to a $1.351 million result or more than $200,000 beyond the reserve price at auction.
Nearby, a four-bedroom house at 73 Strada Crescent found a buyer in just six days for $1.128 million.
“We had two opens and the first had 100 groups and it sold quickly because it generated so much interest,” selling agent Lindsay Xu said.
The median house price in Wheelers Hill was $1,171,500 in 2020, having jumped from $661,750 in 2012, according to realestate.com.au data.
In Glen Waverley, the median price rose strongly from $726,400 to $1.3 million during the same period.