Our Boroondara experts reveal the current state of play in the market this spring.
Lilli Murphy
October 2024With stable interest rates, ample supply, and strong auction clearance rates, the Boroondara property market has had a strong start this spring.
But will this momentum carry through summer and into 2025?
We asked three of Boroondara’s leading property experts for their insights into why now the ideal time to both buy and sell in Boroondara.
Spring insights: What have we learned?
Partner and Licensed Estate Agent David Banks says the current stability of interest rates has boosted buyers’ confidence.
“With rates holding steady, buyers have gained the confidence to purchase, knowing there’s less uncertainty in the market,” he said.
“Jellis Craig has maintained a consistent auction clearance rate of around 75% across Melbourne, showing there’s more continual demand from buyers.”
Partner and Licensed Estate Agent Geordie Dixon says family homes in desirable locations remain highly sought-after.
“Properties that are well-presented and priced correctly are moving quickly – particularly quality turnkey homes,” she said.
Partner and Auctioneer Jonathon O’Donoghue said October and November will bring a steady flow of new properties to the market.
“For buyers, it’s been a great spring with plenty of choice,” he said.
However, he cautioned that this high supply may not last.
Premium market remains resilient
Boroondara consistently ranks as one of Melbourne’s strongest-performing markets, particularly in the premium sector.
While Melbourne house prices have seen a slight decline of 1.01% year-on-year, Boroondara’s premium homes have remained largely unaffected.
Mr O’Donoghue said Boroondara’s prestige market continues to perform strongly, with solid sales and sustained interest from high-end buyers.
“The combination of top-tier schools, high-quality housing, and long-term value makes this area incredibly desirable, and ongoing demand reflects that,” he said.
“Premium buyers are less impacted by the two key challenges of the current market – interest rates and land tax – which creates scarcity in this segment.”
Mr Banks said premium homes and land in suburbs like Canterbury, Surrey Hills, and Kew are still in high demand.
“We recently sold a parcel of land in Kew for just over $7,000 per square meter setting a new record” he said.
Looking ahead to summer: What to expect
As summer approaches, some buyers may be considering holding off in hopes of benefiting from planned interest rate cuts in 2025. However, our experts believe that waiting may not be the best strategy.
“We’ve seen overall prices soften slightly this quarter, creating an opportunity for savvy buyers,” said Ms. Dixon.
“Historically as soon as rate cuts happen, the market will react quickly, driving more competition and higher prices. So, buying now is the smart move”
She also recommends buyers secure pre-approved finance now.
“The smartest thing buyers can do is organise their finance, so they are ready to move when the opportunity arises” she said.
The smartest thing buyers can do is organise their finance, so they are ready to move when the opportunity arises
How to prepare for 2025
Looking ahead, our experts anticipate interest rate cuts in 2025 will bring a surge of activity across the market in Boroondara.
Whether you’re planning to buy or sell next year, early preparation will be key.
“When rates come down it will be a positive shift for the market,” Mr O’Donoghue said.
“My advice to sellers is to be ready and get your property on the market as soon as possible.”
Mr Banks advises that planning should begin now.
“If you’re thinking of selling, reach out to map out timelines, secure your auction date, and ensure your home is prepared well in advance,” he said.
“With tradespeople in high demand, sellers are getting organised early to avoid rushing and ensure the work is done properly.”
Jellis Craig Boroondara: Your local experts
One thing remains clear: Boroondara’s property market is thriving, and whether you’re buying or selling, the team at Jellis Craig Boroondara is here to provide expert guidance every step of the way.
Contact us today to find out how we can help you achieve your real estate goals.
