Moonee Valley market update

Reflecting on the first five months of the year
Reflecting on the first five months of the year, we are have witnessed a buoyant Moonee Valley property market with some great results across all sectors - apartments, townhouses and substantial family-sized homes. Buyer activity has remained steady, helping push median house prices to record highs.

Take the Rendina team's recent sale of 5 Rita Street, Aberfeldie – an extraordinary five bedroom, three bathroom plus study home offering outstanding family accommodation in the coveted Maribyrnong River precinct – that flew past the reserve by more than $300,000 to a final sale price of $2,905,000.

Buyers are starting to see a greater choice of properties as supply steadily increases and this is expected to continue into the second half of the year. March quarter median prices, as reported by the Real Estate Institute of Victoria (REIV) are at all time highs including Kensington which rose 18.8% to $1,247,500. Moonee Ponds increased 25.6% to $1,432,450, Aberfeldie increased to $1,322,500 and not to be outdone, Ascot Vale's median increased 19.2% to $1,292,000.

Other factors influencing market conditions include record low interest rates which remain at 1.5 per cent. Global and local economic conditions are stable and concerns about a recession have dissipated.
Both period homes and contemporary houses have been attracting high levels of interest and achieving outstanding results at auction - especially those that are presented well and located near public transport and popular amenities.

Our recent sale of a sensational three bedroom, two bathroom home at 17 Muldowney Street, Aberfeldie for $1.730 million supports the view that the premium end of the Moonee Valley market continues to flourish.
Please contact our office for the most up to date advice regarding the sale or purchase of a property in the Moonee Valley area.