manningham
The Report
2021
Welcome
Welcome to our 2021 edition of The Report – your exclusive insight into the factors shaping the residential property market in Manningham and the wider metropolitan Melbourne region.
There’s no doubt that the COVID-19 pandemic continues to have a significant impact on the property market in Melbourne. While border closures, job losses and harsh stage four restrictions presented challenges none of us could have imagined, our real estate market has defied expectations and proven to be very resilient.
As difficult as the pandemic has been, it has given us all a chance to reflect on what is important to us. Multiple lockdowns have resulted in us spending more time at home and that has brought our focus firmly back to lifestyle, space and home life.
Low stock levels and interest rates coupled with a build-up of household savings through reduced discretionary spending has resulted in rapid price increases as buyers flood the market after each lockdown. As a result, we have experienced our strongest market in 30 years, with multiple bidders at auction. Latest REIV statistics for the June ’21 quarter show house prices across Manningham increased an average of 2.7% on the March ’21 quarter, with prices up 17.8% in Warrandyte and 17.1% in Donvale.
The Manningham rental market has been hardest hit by the pandemic, but we are beginning to see a recovery. Like buyers, renters are looking to find a larger property to accommodate the realities of increased time at home and remote working. Vacancy rates are now decreasing and we predict this trend to continue as we adapt to the pandemic and our borders start to open up again.
The Manningham market remains strong and we continue to see reserves being consistently exceeded. As long as the existing level of demand is sustained, the market should maintain current levels.
In this year’s Report, we examine the market in your area and investigate the infrastructure improvements that will add to liveability in Manningham. Macquarie Group economist Martin Lakos looks into the factors driving price growth, and Jellis Craig CEO Nick Dowling makes his predictions about what is next for the property market.
We hope you enjoy our 2021 edition of The Report and we look forward to guiding you through the sale or purchase of your next home.
ANDREW KELEHER
Director
DALLAS TAYLOR
Director
CHRIS SAVVIDES
Director
FRANK PERRI
Partner
DANIEL BROADBENT
Director
SOPHIE BROADBENT
Partner
WILLIAM LYALL
Director
© Jellis Craig 2021