Chat with us, powered by LiveChatOuter-east hot spots set to enter million-dollar club

Outer-east hot spots set to enter million-dollar club

Surge towards seven-digit median prices as buyers seek value and space

Locals and buyers from further out are making a beeline to Ringwood and Ringwood East, attracted by median house prices which are still in six figures.

The property hot spots are on the verge of joining Melbourne’s growing million-dollar club.

The outer-east areas in the City of Maroondah, together with bayside suburbs such as Carrum and Bonbeach, are ‘bridesmaid suburbs’ tipped to register $1 million median house prices soon, according to new realestate.com.au data.

“It is not a surprise that Ringwood and Ringwood East are popular with buyers,”

Barry Plant Ringwood & Heathmont auctioneer Kate Birchall said.

“Ringwood has lots of amenities and the train station, while Ringwood East is leafy, family-oriented and has views to the mountains.”

The Ringwood median house price has jumped more than $100,000 in 12 months, rising from $850,100 as of October 31, 2020, to $960,000 on September 30, 2021.

In Ringwood East, which is deemed a high demand market, the median price was $951,500 in September.

The strong demand for housing in both areas is driven by locals who want to remain in the area and from out-of-area buyers, Ms Birchall added.

“We are seeing buyers from all over, including from the western suburbs, who are moving from newer homes to perhaps something older with more land here,” she said.

“But our buyers are predominantly not from far away, with first-home buyers from areas closer in like Mitcham and local families who are upsizing.”

Central Ringwood may have been transformed with Eastland shopping centre, redeveloped train station, bus links and high-density apartments, but many areas are quiet and family-friendly.

While many sellers in the area have seen home prices rise quickly in recent months, this trend is unlikely to continue as more supply coming in will affect prices, according to Ms Birchall.

“While we will not be overrun with new listings, we don’t expect the frenzied results seen at the end of lockdown to continue,” she added.

“Sellers are becoming more aware of the market and prices will be more reasonable.”

In a private sale during the lockdown, the agency sold 9A Walmer Street, Ringwood, for $1.26 million, with multiple offers from buyers.

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The sight-unseen sale for the 1950s weatherboard home exceeded the seller’s expectations. The four-bedroom house on 565sq m had a modern and stylish update in a good location.

Related:

Ringwood’s strong run continues with pent-up demand from large buyer pool

Sellers in Ringwood and Heathmont shift to auctions