Larger family homes are more popular than ever in Melbourne’s south-east as buyers hunt for sizable backyards and lifestyle amenities.
The Australian dream of a quarter-acre block is more sought-after than any other property type, according to Barry Plant Bayside auctioneer, Chris Kavanagh.
Areas beachside of the Nepean Highway are expected to perform very well, while family homes on moderate to large allotments up to 700sq m will see the most growth, Mr Kavanagh forecast.
“Since COVID-19, there has been significant growth from Chelsea to Mordialloc, suburbs that were traditionally viewed as too far from the CBD,” he said.
“However, with working from home arrangements, our clients are seeing it absolutely viable to commute just a few days a week and enjoy the bigger homes and lifestyles these suburbs have to offer.”
The region has seen a drop in average days on the market from 25 to 17, with an average price increase of 5 per cent above reserve.
“People want a nice home, with a backyard, positioned next to all the best lifestyle amenities at a somewhat affordable price,” Mr Kavanagh said.
“That band from Mordialloc to Chelsea still offers that - the true Australian dream.”
The buying market across metro Melbourne is extremely strong, Mr Kavanagh added.
“Low interest rates, consumer confidence at an all-time high, and low stock levels in comparison to previous years are driving an extremely strong market,” he said.
With strong predictions, listings will start to rise in this next quarter.
“Consumer confidence will continue, interest rates will stay low, but I would suggest we will see a 30 per cent increase in property listings,” he said.
“I would expect the market to remain strong, but we may see the overall clearance rate reduce slightly to 75-80 per cent.”