Over the past 12 months, Kingston’s property market has echoed broader Melbourne trends – a year marked by adjustment, resilience and emerging optimism.
Listings are increasing, indicating a positive shift in vendor sentiment as expectations of a market rebound grow. While premium properties continue to attract strong interest, mid-range homes and those requiring significant renovations are experiencing softer demand, reinforcing the importance of quality and presentation.
Monetary policy has significantly influenced the landscape. With more potential interest rate cuts on the horizon, affordability could improve for many buyers, sparking renewed activity.
The rental market in Kingston remains tight, with demand far outpacing supply. Rental prices have surged, with well-maintained homes and updated apartments commanding record highs. Vacancy rates remain exceptionally low, underscoring the competitive nature of the market and offering strong rental yields for landlords. However, stricter tenancy legislation and compliance demands have led some investors to exit the market, highlighting the need for expert property management.
The area is seeing increased development activity, particularly townhouses and boutique apartment builds. Cheltenham’s Major Activity Centre is seeing a wave of apartment and mixed-use developments, including a nine-storey complex on Station Street and the Ilixir building on Railway Road.
Kingston continues to benefit from significant infrastructure investment. Major developments include the Suburban Rail Loop East, with a new underground station planned for Cheltenham boosting long-term connectivity across Melbourne’s southeast.
