Boroondara - Spring 2024 Market Review

Buyers market

Consistently the most competitive market for $3m+ home state wide, Boroondara’s Inner Area remained strong this quarter, despite low stock levels. Currently there are 89 houses on the market within the $2m-$4m range. According to REIV stats, last quarter the median house price sat in the high $2m bracket, with Kew topping out at $3m. This quarter saw a drop in Camberwell to $2.4m, and in Kew to $2.8m. The four bedroom market fared most favourably in Canterbury through winter with a median price of $3.3m, this quarter Hawthorn topped the stats by matching that same median. Days on market second quarter spread from 33 in Canterbury to 41 in Hawthorne, increasing this third quarter to between 37 and 44. Clearance rate was between 66% to 76% throughout the area, now currently widened to 60% to 78%.

The standout Boroondara sale for this quarter came at one of Camberwell’s most prestigious addresses, 15 Lorne Grove, a breathtaking landholding occupying 2,998sqm. A once in a generation opportunity, this distinguished c1889 solid brick Victorian mansion offers a unique family environment with every luxury imaginable. This 5 bedroom 4 bathroom 6 car garage property featuring 16ft ceilings, marble entrance, cathedral timber, and glass ceilings, spent 26 days on market and sold for $10.2m.

Another key sale, within an exclusive enclave of Hawthorne, in the Scotch Hill precinct, 35 Fairview St has 6 bedrooms 5 bathrooms and a 4 car garage. A compelling split-level residence on 697sqm, this architectural masterpiece in close proximity to prestigious Scotch College offers unparallelled family living. Immaculate attention to detail, clean lines and cutting edge contemporary design, it spent 36 days on market, selling for $7.368m.

An elevated modernist style home bathed in natural light, 12 Dunlop Ave in Kew is set on 1,2000sqm in a private cul-de-sac location. Arranged over three levels, with a separate 19th century stables at the rear converted to a self-contained two storey cottage, this 6 bedroom 6 bathroom 4 car garage substantial double brick home stayed on market for 24 days, selling for $7.18m.

On a prestigious treelined Golden Mile luxury location, 24 Stanley Grove in Canterbury is an illustrious architectural masterpiece that spares no expense. Presented as-new, this expansive 5 bedroom 5.5 bathroom 5 car garage on 721sqm with an indoor swimming pool was designed to provide premium family living in close proximity to elite private schools. It took a little longer to find the perfect buyer, on the market for 93 days, and sold for $7.08m.

Buyers Market

The outer area of Boroondara also ran low on stock this quarter, with only 71 houses currently on the market within the $2m-$4m range. Last quarter this market showed great depth, with a wide spread median price range from $2.2m in Surrey Hills to $2.8m in Balwyn, while four bedroom homes garnered between $2.21m and $2.9m. Clearance rates fluctuated from 69% in Mont Albert to 83% in Glen Iris, and days on market ranged from 36-44. This quarter, median price range dropped marginally to $2m-$2.7m, with four bedroom homes attracting buyers between $2.371m and $2.849m. The clearance rate bracket widened to 65% in Mont Albert and 83% in Balwyn, and days on market dipped slightly to 35-43.

Bespoke architectural excellence mixed with Victorian grandeur, 29 Guildford Road in Surrey Hills boasts soaring double height proportions, a floating glass walkway and heated polished concrete floors. This beautifully presented period residence with dual street frontage and set within landscaped gardens on 1,013sqm of land, has 4 bedrooms 4 bathrooms and 1 car garage. It was on the market for 32 days and sold for $7.25m.