maroondah
The Report
2021
Welcome
Welcome to our 2021 edition of The Report – your exclusive insight into the factors shaping the residential property market in Maroondah 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.
Maroondah continues to grow as a destination municipality offering the dream combination of space, accommodation and relative affordability. These are the key factors that, coupled with strong investment in infrastructure, allow Maroondah to maintain a lofty trajectory in terms of demand, prices and sales volumes.
We have experienced our strongest market in 30 years. Latest REIV statistics for the June ’21 quarter show house prices across Maroondah increased an average of 6.7% on the March ’21 quarter, with prices up 32.3% in Ringwood East and 14.1% in Croydon Hills.
In the last 12 months we have seen a trend in buyer movement through the Eastern corridor along the train line, connecting a deep and affluent buyer pool with Maroondah. A large portion of our purchasers are choosing lifestyle and relative financial freedom, exchanging latte culture for land size and great schools and transport links.
The Maroondah rental market is where we saw the most impact from COVID-19. The exit of overseas students and an influx of short-term rentals meant there was an oversupply of property and we saw rental prices dip. However, the rental market is recovering and we are seeing good numbers at open for inspections. Generally, people are looking to rent something bigger, due to more time spent at home and the realities of remote working.
We feel the next 12 months will be a time of consolidation for the Maroondah market. The increase in demand, current lack of supply and the change of work–life balance for many will no doubt result in the cementing of current pricing for most suburbs and property types.
In this year’s Report, we examine the market in your area and investigate the infrastructure improvements that will add to liveability in Maroondah. 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.
DANIEL BROADBENT
Director
WILLIAM LYALL
Director
SOPHIE BROADBENT
Partner
ANDREW KELEHER
Director
DALLAS TAYLOR
Director
CHRIS SAVVIDES
Director
FRANK PERRI
Partner
© Jellis Craig 2021