Glen Eira
The Report
Welcome to our 2021 edition of The Report – your exclusive insight into the factors shaping the residential property market in Glen Eira 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.
The past 12 months have presented many challenges and the Glen Eira community has responded brilliantly. People have taken stock of their lifestyle and housing needs, and more space has become a priority.
After each lockdown, low stock levels and interest rates coupled with a build-up of household savings amassed during restrictions see prices increase rapidly across Glen Eira as buyers flood the market. Family homes are undoubtedly the most sought-after stock.
As a result, we have experienced our strongest market in 30 years, with exceptional price growth and multiple bidders at auction. Latest REIV statistics for the June ’21 quarter show house prices across Glen Eira increased an average of 5% on the March ’21 quarter.
The Glen Eira rental market is where we saw the most impact from COVID‑19. However, as we work our way through the second half of 2021, the rental market is improving and vacancy rates are decreasing.
Low stock levels, low interest rates and a build-up of buyer demand have held the market in very good stead, and all signs suggest we will continue to see growth for some time to come.
In this year’s Report, we examine the market in your area and investigate the infrastructure improvements that will add to liveability in Glen Eira. 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.
Director & Senior Auctioneer
Director & Senior Auctioneer
© Jellis Craig 2021