The moderation of interest rate increases towards the end of 2023 proved to be pivotal, fostering a more stable purchasing environment and encouraging buyers to re-enter the market with renewed enthusiasm. After a subdued 12 months, supply returned to the market in the second half of 2023. The rise in listings continued into Q1 2024, with Jellis Craig recording its highest-volume month on record, with over 900 sales in March.

The region’s unrivalled reputation consistently continues to attract a pool of active buyers.

In Boroondara, the enduring draw of leading schools, charming streetscapes and expansive leafy parklands is further amplified by the area's vibrant retail precincts and seamless public transport connectivity. This potent combination underpins demand – particularly for higherend properties in prestigious suburbs such as Balwyn, Kew and Hawthorn.

In Stonnington, there has been a notable surge of interest in properties distinguished by their unique architectural character and lush green spaces. Prices have seen a steady rise, particularly in exclusive neighbourhoods such as Toorak and South Yarra, where limited availability has intensified competition. It's also worth highlighting the growing attraction among younger demographics to residences that seamlessly integrate lifestyle amenities with the vibrant cultural tapestry of Stonnington.

The construction sector is facing its own set of challenges. While building costs are showing signs of stabilisation, they remain a point of concern for some buyers, particularly those contemplating substantial renovations or embarking on new construction projects. Consequently, there has been a noticeable uptick in demand for renovated and newly built properties as buyers gravitate towards turnkey solutions.