Buyers starved of opportunity in Monash now have more choice as the supply of properties for sale rises.
Homeowners have rushed in to capitalise on strong results in the eastern suburbs, adding to growing listing numbers, local Barry Plant agents said.
Median price jumps of more than 10 per cent in several Monash areas have attracted more owners to put their properties up for sale.
Increased stock levels will be good news to buyers over autumn and winter, the agents said.
A hot market and low supply saw prices soar in Monash suburbs in the first three months this year.
The Mt Waverley median house price gained 14.3 per cent rising to $1.5 million from $1.312 million.
Real Estate Institute of Victoria data also had Glen Waverley median prices rising 12.2 per cent to $1.459 million, while in Wheelers Hill it was a 10.7 per cent jump.
Oakleigh South was the best performing suburb with a 20 per cent gain – rising to $1.18 million from $983,444 in the December quarter.
“Our buyers are even coming from the western suburbs like Point Cook,” Barry Plant Glen Waverley agent Lindsay Xu said.
“They are moving from the west and able to afford $1-$1.2 million for a home here.”
Family buyers are attracted to the area’s pool of quality public and private schools, she added.
“Monash has everything from shopping to train stations and many buyers want to get into the school zones,” she said.
Two young engaged couples recently bought their first homes for seven-figure sums, with financial help from their parents.
Ms Xu noted that with new supply, the number of buyers at inspections had reduced slightly.
“Sellers are more confident in the market, they are grabbing the opportunity to sell but we are still getting multiple bidders at auctions,” she said.
In Ashburton, 7 Tarakan Avenue, which has permits for two townhouses, sold for $1.832 million recently. Another real estate agency had it on the market for $1.7 million in 2020 but it failed to find a buyer.
House prices are expected to remain steady in coming months despite the increase in supply, Barry Plant Mt Waverley’s Jasmin Tchilinguirian said.
“The lack of supply had led to excellent results for sellers with buyers starved of stock,” Ms Tchilinguirian said.
“The market is buoyant, prices will hold steady for the next few months and our last six auctions had an average of four bidders each.”
A property at 9 Meredith Street, Mt Waverley recently sold well above the expectations of the sellers of 40 years. The home fetched $1.92 million at auction.
Another hot sale was 4 Manna Gum Court, Vermont South, which flew past its reserve for a $1.365 million result.
“Monash schools are a strong attraction with buyers prepared to pay a premium to get into the area,” Ms Tchilinguirian said.