Family Suburbs in High Demand
The December quarter auction results showed that change was in the air, thanks to an onslaught of property entering the market, the opening up from Covid lockdowns, and confidence in property owners in the Spring season.
While the sentiment from Covid suggests that many families were fleeing to Queensland and New South Wales, rural Victoria and coastal suburbs along both the Bellarine and Mornington Peninsulas, contrast to that, the family suburbs of Caulfield South and Caulfield North have been the big winners in the last quarter with above average clearance rates, above average properties available and record prices at auctions. Caulfield North saw a massive gain of 25.6% in the quarterly median price to $2.7million, where Caulfield South saw only a 9% change in the quarterly median prices for houses to $1.97million, but units saw an incredible 72.6% in the quarterly median price to $1.23million, almost double the median unit price in the whole of Melbourne.
Whereas the trendy suburb of St Kilda became a buyer’s market as St Kilda’s quarterly median house price went backwards by 5.4% to $1.8million, but the unit median price rose in the quarter by 9.1%. St Kilda East, whilst being more in a buyer’s market still managed to have a median price increase for the quarter by 6.2% to $1.55 million. Market indicators suggesting buyers were more interested in the more boutique enclaves of Balaclava and St Kilda West which went up by 1.9% ($1.58million) and 5.1% ($2.4million) in the December 2021 housing quarter respectively, where buyers can still revel in the St Kilda lifestyle after buying a house.
Total Auctions (December Quarter 21)
St Kilda East
St Kilda West
Prahran and Windsor remained steady with good stock and respectable clearance rates.
Where will 2022 go? At Besser and Co, we are already seeing that listings are more prevalent than we have seen previously in January, and we are starting to feel the confidence coming back into Melbourne from oversea students and working migrants. The world is starting to accept that Covid-19 is here to stay in all its forms, and the reality is, Melbourne is such a great city to live, that people are eager to come home.