However, after a market slowdown towards the end of last year, buyer demand in Monash has reached an all-time high. Median house prices in sought-after areas such as Glen Waverley and Mount Waverley have skyrocketed, surpassing $1.7 million in the last quarter alone.
Momentum is building around premium quality homes, with low stock levels and rising construction costs creating a sense of urgency among buyers looking for turnkey and well-renovated properties. And with international buyers flocking back to Monash in search of quality, established family homes on larger blocks in well-serviced areas, we expect to see further price growth in the coming months.
Rental prices in Monash have also ballooned during the past three to six months, underpinned by low vacancy rates and exceptionally high demand. The dual impact of increasing migration and the return of overseas students is expected to put further pressure on rental prices, drawing investors who are keen to capitalise on the potential gains in capital growth and healthier returns.
While rising construction costs have limited some new builds and developments, strong demand has bolstered developer confidence, and we expect to see a resurgence of development activity in the coming 12 months and beyond.
In this year’s edition of The Report, we uncover five pivotal factors driving current property trends, and Jellis Craig CEO Nick Dowling reveals what’s really going on in the Melbourne property market. We also shed light on the significant infrastructure improvements enhancing liveability in Monash and examine how the market is shaping up in major cities around the globe.
We hope you find our 2023 edition of The Report enjoyable and informative. We look forward to sharing our expert advice and guidance to help you in the next phase of your property journey.