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Rising sales in Wantirna and outer-east set to continue in 2024

Real estate & property news
31 January 2024
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Outer-east region outperforms with steady price growth

A sharp rise in listings delivered a stellar year for one of Melbourne’s best-performing markets and more of the same is expected in 2024.

Having chalked up 297 sales in 2023, up from an annual average of 220-230 sales, Barry Plant Wantirna is confident of selling more than 300 properties in the Knox region in 2024, according to director Brendan Murphy.

“It was a solid year for us in 2023 and our aim is to sell more this year,” he said.

“We are seeing more of our sold stickers in many suburbs and our market share has grown, and we have more traction in new areas.”

While the median house price in Melbourne rose 2 per cent in the year to December 2023, it rose 6 per cent from $915,000 to $970,350 in the outer-east region, according to Domain data.

“The outlook is good, with new listings coming on, interest rates stable and maybe even reductions in rates later in the year,” Mr Murphy said.

He noted the market had seen more certainty and stability, and buyers could plan their budgets and purchase with confidence.

“We are optimistic for the new year and don’t expect too many interruptions,” he said.

The agency, which sells mainly by auction or set date, reported a strong clearance rate of 90 per cent last year.

Wantirna sellers had an exceptional year, with the suburb listed among the top 5 in Melbourne for house price growth of 11 per cent, according to CoreLogic data.

“We had a 40 per cent market share in Wantirna and sold 56 properties there out of 135 sales, with our nearest competitor selling only 19 properties,” Mr Murphy said.

He added that Ferntree Gully, a large suburb attractive to buyers for its well-priced properties, should do well again in 2024.

“Buyers can purchase a three or four-bedroom home for $900,000-$1 million, compared to more expensive areas nearby,” Mr Murphy said.

The agency recently sold 83 Windermere Drive (pictured below) in the suburb for $1.013 million with six bidders competing, and the result sailed well above the seller’s $800,000-$880,000 price expectations.

83 Windermere Drive, Ferntree Gully

The start of the new year has seen many more buyers turn up for inspections, with an average 10-20 groups at each inspection in January.

“Well-priced properties should attract buyers and we expect turnkey properties will be the hottest this year,” Mr Murphy said.

“There was strong demand for spacious family homes that are fully renovated in 2023 and this should continue.”

Enquiries from first-home buyers have also increased because of support from various state and Federal Government schemes.

The rental market is expected to be challenging with reduced stocks, as investors have sold off their properties because of rising costs from taxes and charges.

Real estate & property news
31 January 2024
Save Article

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