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Windfalls for sellers in Rowville, Wantirna South, The Basin

Real estate & property news
15 November 2022
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Outer-east median house prices rose when others fell

While many Melbourne suburbs recorded house prices falling, outer-east areas bucked the trend over 12 months.

Among the standout suburbs were Rowville, Wantirna South and The Basin, with median house prices jumping more than 10 per cent in the year to September 2022, according to Domain’s latest house price report.

While the median prices in these three and nearby Knox suburbs fell during the quarter, they made gains over a year. In Rowville, the median price rose 17.6 per cent to $1.088 million in 12 months.

It was among the top-performing suburbs in Melbourne where the city’s house prices fell 6 per cent over 12 months.

“The Rowville median house price grew strongly in recent years, and while it may have been down in the September quarter, it was up more than 10 per cent over a year,” Barry Plant Rowville managing director Brenton Wilson said.

He noted that Real Estate Institute of Victoria data showed the price was up 11.2 per cent in the 12 months to September. In the year to June, the median price gain was 19.3 per cent.

“Prices rose because of the lack of properties for sale, and this has favoured sellers,” Mr Wilson said.

“In October, we still averaged two buyers for every sale, while we had three buyers per sale in September.”

At the peak of the market in 2020 and 2021, the agency averaged four to five buyers for each listing.

The Rowville median house price fell in the September quarter, the first time in a long while after very strong first two quarters this year, he said.

The small suburb of The Basin had a 14.2 per cent rise in median house price to $907,500 over 12 months, according to the Domain report.

Nearby Lysterfield reported a 9.6 per cent rise to a median price of $1,221,700. In Wantirna South, the median price jumped 12.6 per cent to $1.24 million during the same period.

Mr Wilson said the strong-performing Knox suburbs had “kept their values” and still attracted buyer competition and commanded good prices.

“But the market is changing and we could all do with more properties to sell because we have more buyers than sellers now,” Mr Wilson said.

In September, the agency had seven buyers for 13 Mitta Close, Rowville, which sold for $998,000 or nearly $50,000 above expectations.

During the same week, it also sold 14 Mitta Close, which drew nine offers and achieved a $1.077 million result.

A three-bedroom house at 4 Mackay Road, Rowville, attracted five offers and sold for $1.89 million.

Barry Plant Wantirna partner Brett Smith said Knox suburb prices performed well because the area was sought-after and prices were still considered affordable.

“The suburbs here offer homes on 700sq m blocks, and families like to buy in safe areas,” he said.

“Buyers seem to think that prices may have hit the bottom and we are seeing more of them at auctions and inspections now.”

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Real estate & property news
15 November 2022
Save Article

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