Monash housing: Strong demand for properties despite coronavirus uncertainty
Despite the uncertain financial times, house hunters are still keen to buy in Monash, with agents reporting demand is outstripping supply. It comes after more than 100 families showed interest in a Wheelers Hill property, which sold for a record price.
East
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The real estate market is still strong in Monash, despite many industries rocked by coronavirus uncertainty.
Harcourts Judd White Glen Waverley partner and auctioneer Andrew Dimashki said while there was a decline in transactions, there was still a strong demand for properties in the area.
“There’s several people who sold their homes in December, January and February who now have had either a three, six or nine-month settlements and need to find a home,” Mr Dimashki said.
He said properties on the market had attracted strong interest.
“Over the weekend we had 54 Darnley Grove, Wheelers Hill up for auction and we saw 106 families through that property in three and half weeks and I’ve seen that many people through a campaign,” he said.
The property sold for $1.2 million.
“We’ve also been getting more than 40 families through in half-an-hour open for inspections, when we would usually get five or 10.”
Mr Dimashki said the coronavirus crisis had transformed the way prospective buyers searched for properties.
“We are offering video tours of the homes and our inquiries online are up by 14 per cent,” he said.
The latest REIV figures show the Glen Waverley median price is $830,000, compared to $945,000 in March, while Clayton’s median price recorded a 5.6 per cent increase this quarter at $718,000.
REIV president Leah Calnan said the state’s property market had displayed true strength in holding firm against all predictions of the coronavirus impact.
“Prices haven’t tumbled. Any home up for sale in Victoria is swamped with interest from buyers,” Ms Calnan said.
“The REIV June Quarterly results are great reading, these are good prices, our market is resilient, and we can move ahead with confidence,” she said.
Property Mavens chief executive and property advocate Miriam Sandkuhler said prospective buyers were hunting for properties that were close to amenities.
“In and around Monash you’re close to major shopping centres including The Glen and also close to train stations including Glen Waverley and Oakleigh,” Ms Sandkuhler said.
“From a lifestyle point of view having access to those areas is of demand and interest to people,” she said.
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