Moonee Valley
The Report
2021
Welcome
Welcome to our 2021 edition of The Report – your exclusive insight into the factors shaping the residential property market in Moonee Valley and surrounds 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.
Over the last 18-months, with more time spent at home, more remote working, but less overseas travel, there has been a trend in Moonee Valley and surrounding suburbs towards people upsizing to larger homes with offices, gyms and bigger outdoor areas.
Demand outweighing supply in most markets has led to low stock levels and increased competition, resulting in strong price growth. Melbourne’s auction market has been consistent throughout 2021, with clearance rates holding at above average levels and vendor confidence at an all-time high.
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 the Moonee Valley region increased an average of 4.7% on the March ’21 quarter, with prices up 14.7% in North Melbourne and 13.4% in Essendon North.
The rental market in Moonee Valley and surrounds is where we saw the most impact from COVID-19. We experienced an increase in overall rental vacancy rates across our investor market, which created downward pressure on rental values. However, larger homes that are close to schools have bucked that trend.
As we work our way through the second half of 2021, the rental market is improving and vacancy rates are decreasing across Moonee Valley and surrounding suburbs.
Overall, the resilience of the Moonee Valley market has been remarkable and it is not showing signs of slowing. The impact of low interest rates, government incentives and all-time-high buyer confidence underpin what we expect will be a healthy market over the next 12 months.
In this year’s Report, we examine the market in your area and investigate the infrastructure improvements that will add to liveability in Moonee Valley and its surrounds. 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.
JOHN MORELLO
Director
CHAUNTEL CONSIDINE
Director
CHRISTIAN LONZI
Director
SIMON MASON
Director
© Jellis Craig 2021