Real estate Melbourne: Maroondah agents still getting strong demand for Croydon and Ringwood homes

Househunters are still circling in Maroondah’s two big suburbs, with agents saying lower supply has increased demand and driven prices up.

Maroondah real estate agents say there’s been high walk-ins at open for inspections despite the coronavirus outbreak.

Maroondah real estate agents say low supply and high demand have ensured better-than-expected results in the local market despite the impact of coronavirus.

Househunters have been circling in suburbs including Ringwood, Croydon and Croydon North with strong walk-in numbers at open for inspections.

Ray White Croydon managing director Tamara Lloyd said she scheduled 48 groups of potential buyers in one week to inspect homes.

Croydon properties remain popular according to Ray White Croydon agent Tamara Lloyd.

“It’s quite surprising, I don’t know if we are in a bubble but we’re getting really good numbers through our opens,” Ms Lloyd said.

“What we’re finding on the ground is there’s a still a big demand for property in our area.”

Fletchers Maroondah agent Rielly Waterfield says Ringwood house prices have remained firm despite the coronavirus outbreak.

Ms Lloyd said a home in Croydon Hills recently sold above reserve and at a higher price than predicted prior to the virus outbreak.

“I can only say there’s a supply and demand issue, and buyers are cashed up and ready to go,” she said.

“The lack of stock on the market is really pushing prices.”

Fletchers Maroondah managing director Reilly Waterfield said the agency staggered through groups of potential buyers at an open for inspection in Ringwood last week, which had to be extended by half an hour.

Fletchers Maroondah director Reilly Waterfield.

“We had to make people wait in their cars to get in,” he said.

“The volume of inquiry is strong because we have not got the volume.”

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Mr Waterfield said prices were “holding firm” in Ringwood despite the amount of properties for sale dropping by 35 per cent, while central Croydon had also been in hot demand.

He said one Ringwood property had more than 100 walk-ins and nine offers above its reserve.

“Because of the lack of supply, things are good and prices are holding firm given the supply is limited, so buyers have less opportunity,” Mr Waterfield said.