Boroondara - Summer 2024 Market Update

Feb 14, 2024

As predicted, the Boroondara real estate market finished strongly with increasing stock levels, solid sales results, and sustained buyer demand leading into the summer break. Market sentiment was resoundingly high as October peaked as the busiest month of the year for auctions. Regardless of 13 interest rate rises since May 2022, prices continued to rise gently this quarter, with the house median reaching $2.5175m. As Campbell Ward from Jellis Craig said, “2023 saw resilience in the real estate market despite changes to interest rates. With a shortage of properties for sale our auction clearance rates regularly hovered between 75-85% each weekend”.

While the scarcity factor upheld the healthy appetite for prestige properties, garnering strong results from upsizers, returning expats and international buyers, listings increased in other sectors. As many owners strived to take full advantage of the optimum selling conditions experienced throughout the year, Duane Wolowiec from Marshall White made the observation that well situated, renovated, period family homes fared particularly well, “We witnessed some very competitive buyer competition particularly with those homes that were fully renovated or newly built with no work or at least minimal work required”.

In summary, Tom Staughton had this to add, “Overall Boroondarra ended the year with a strong finish, with the $3m-7m market seeing some notable sales. This finish was largely attributed to many families eager to secure a home nearby to one of our many leading schools in anticipation for the upcoming school year”.

  • Inner Areas
  • Outer Areas
Inner Areas

Balanced market

The inner area held over a balanced market from last quarter, with sustained competition and strong results particularly for single fronted period homes in Hawthorn and Camberwell. Clearance rates were high, sitting at 85.7% in Hawthorn, and 82.4% in Kew.

A 2 bed 1 bath 1 car single fronted home at 15 Bell Street in Hawthorn, with the option to live in as it was or renovate, was sold by Jellis Craig for $1.885m. On 259sqm of land, equating to $7.277k per square meter, this was a competitive auction with four bidders. Interesting to note, this property was previously sold by the same agents back in 2005 for $625k.

Another sales highlight from Jellis Craig took place around the corner at 20 College Street, Hawthorn. A comparatively smaller block at 221 sqm, this two level fully renovated 3 bed 2 bath Victorian with direct access to park lands sold for $915k more. With a price tag of $2.8m representing $12.669k per sqm of land.

On the market for an extended 75 days, a 5 bed renovated family home on 499sqm at 14 Elgin Avenue Hawthorn sold for $4.820m. The property was last sold in August 2017 for $4.005m, showing an increase of $815k or 20%.

A home held within the one family for 40 years at 42 Bryson Street in Canterbury sold for $5.46m. On 1,366sqm of land within the prestigious Maling Road precinct, the sale represented $3.997k per sqm of land.

Outer Areas

Balanced Market

The outer area of Boroondara was also a balanced market this quarter. Well renovated family homes continued to sell strongly with competitive bidding, as the area continued to be a desired location for expats and international families due to school zoning.

On the market for only 10 days, a family home at 26 Christowel Street Camberwell with 27m frontage on 1,171sqm of land sold for $5.1m. This prestige property was well renovated with 5 beds 3 baths and a double garage with further room for 3 cars. One of Golf Links Estate’s largest parcels of land, it last sold 15 years ago for $1.895m.

A charming renovated period home at 58 Bryson Street in Canterbury, comprising 4 beds 2 baths and 2 off street car parks, sold for $2.85m. A long-standing investment property, it was last sold in 2006 for $1.35m. With an average days on market in Canterbury of 26, this took markedly longer at 3 months and 21 days, and showed an increase of 0.3% in median value over a 12 month period.

Looking Ahead

Population growth, a tight rental market and low unemployment drove the national and local property markets throughout 2023. We expect these factors to continue their impact certain sectors into the new year. Buyer sentiment is set to soften as interest rates not only look likely to have peaked, but are forecast by Australia’s Big 4 banks to be cut towards the end of next year. Property prices will continue to rise, with Campbell Ward from Jellis Craig adding, “Demand from buyers outstripped supply this quarter. Property values within Boroondara have remained strong and the outlook for 2024 is positive”.

As we closed out 2023, Duane Wolowiec from Marshall While offered these words, “Nearing the end of this quarter it became clear that a number of buyers had grown tired of looking and were prepared to wait for new opportunities at the start of 2024. A term that was used a lot by many was that “buyer fatigue” had set in. It was time for a break. We are excited with what the new year brings and feel the market should be relatively balanced in 2024”.

Boroondara Area Specialists
Tim Picken & Chris Guest

Get in touch with Tim & Chris to find out more about the Boroondara market, or make an appointment to discuss your requirements and see how we can help you get into your ideal home sooner.

Read more about Tim Picken & Chris Guest
Boroondara Area Specialists
Chris Guest

Get in touch with Tim & Chris to find out more about the Boroondara market, or make an appointment to discuss your requirements and see how we can help you get into your ideal home sooner.

Read more about Chris Guest
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