Welcome

Welcome to our 2021 edition of The Report – your exclusive insight into the factors shaping the residential property market in the North East and the wider metropolitan Melbourne region.

We have seen a renewed interest in larger homes and acreage properties in the North East as families move from inner city suburbs to secure something spacious and tranquil. As a consequence of remote working, home offices and rumpus rooms have increased in popularity. This trend has seen a number of our suburbs outperform the wider market as they have grown in popularity.

Buyer interest has barely waned from the post extended lockdown bonanza that began in October 2020, and prices have held in positive territory. Our current auction clearance rate is 95% on or before auction day. As a result, we have experienced our strongest market in 30 years. Latest REIV statistics for the June '21 quarter show substantial price growth from between 7.5% to 24% over the last financial year within the suburbs we proudly service.

Contrary to most of metro Melbourne, the North East experienced tightened vacancy rates over the previous 12 months, more akin to regional locations. This is due to the fact our area has more spacious blocks, larger homes and is close to plenty of parks, reserves and community spaces.

The demand for rental properties in the North East soared during the pandemic and has remained strong, and we are now seeing a supply shortage of available properties in our rental markets. Homes became important to people, and apartments were less sought after than they once were.

Overall, the resilience of the North East market has been remarkable and it is not showing signs of slowing. The impact of low interest rates, shortage of supply and strong demand indicates prices will continue to grow over the next 12 months.

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.