A thriving urban centre and semi-rural ambience are among the draw cards for buyers to Melbourne’s outer east region.
The fast-developing Ringwood hub flanked by tree-lined neighbourhoods in Heathmont, Ringwood East and Ringwood North has powerful appeal for homebuyers, local agents said.
“Buyers want family friendly areas, walking tracks and the outdoors, plus Heathmont and Ringwood also offer access to the Yarra Valley, the city and Mornington Peninsula,” Barry Plant Heathmont/Ringwood director Louise Carrigg said.
In recent years, the region has seen massive infrastructure and development growth plus quality schools and train stations, to become a thriving hub yet still quiet, according to Ms Carrigg.
The Ringwood transport hub, Eastland shopping centre and new apartments have added a modern ambience in recent years.
The village and semi-rural character of Heathmont and surrounding areas also continue to attract buyers.
“We have been surprised at the high prices homes have fetched but buyers are willing to pay a premium to get into good areas,” she said. “Most of the suburbs are tightly held and there is never a heap of properties on the market here.”
Property prices last peaked in 2017 and pulled back a little over 2018-19 but since late last year, have come back strongly to 2017 levels, Ms Carrigg added. The price growth has been fuelled by the tight supply and growing demand.
“Houses priced at $850,000-$950,000 have a lot of buyer traffic and are seen as value for money,” Ms Carrigg said. “Buyers are coming from all over Melbourne and there are also locals upgrading or downsizing.”
This year, because of the demand, there are an average 120 inspections per property and campaigns have been reduced from four to three weeks because “buyers are ready”, she added.
“We expect to see more auctions this year because of demand and we are getting between eight and 20 offers per property and three to four bidders at auctions,” Ms Carrigg said.
A four-bedroom house at 13 Alkira Court, Heathmont, attracted 72 groups at the first inspection and 11 offers. The family home on a 858sq m block sold for $985,000, with a $900,000-$950,000 price guide.
Meanwhile, a three-bedroom house on 726sq m at 18 Walmer St, Ringwood, sold strongly for $1.055 million despite its three-week campaign cut short by the recent five-day pandemic lockdown.
“We had 78 groups at the first open, 140 groups in total, and the house had a $880,000-$950,000 price guide,” Barry Plant Heathmont/Ringwood agent Marcus Lim said.
We have seen an “incredibly strong” market, with some properties fetching 10-15 per cent above their expected price, he said.