The Report
Welcome to our 2021 edition of The Report – your exclusive insight into the factors shaping the residential property market in Monash 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.
Multiple lockdowns forced people in Monash to take stock of their lifestyle and housing needs, and more space has become a priority. Buyer demand is at unprecedented levels, with auction clearance rates above 80% since September 2020.
Low stock levels, the cost of borrowing at an all time low, more flexible lending from banks and increased demand continues to drive up prices across Monash. We are seeing older generations selling to capitalise on this price growth and move on to their next stage in life. This is making way for an influx of families, and demand for homes in school zones remains high. As a result, we have experienced our strongest market in 30 years. Latest REIV statistics for the June ’21 quarter show house prices across Monash held firm on the March ’21 quarter, with the strongest price growth recorded in Clayton (17.8%) and Ashwood (13.5%).
With Monash rental returns significantly impacted in our area by last year’s extended COVID-19 lockdown and legislative changes, many owners have decided to take advantage of capital growth and offload investment properties. As we work our way through the second half of 2021, the rental market is improving and vacancy rates are decreasing across Monash.
With a strong domestic economy, good government stimulus and employment levels, and historically low interest rates set to continue, we expect the Monash property market to remain strong over the coming year. In this year’s Report, we examine the market in your area and investigate the infrastructure improvements that will add to liveability in Monash. 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.
Paul Polychroniadis
Calvin Huang
© Jellis Craig 2021