Ferntree Gully, Scoresby and Boronia suburbs making a name for themselves in Knox

THE heat in the Knox property market shifted in 2017 to the new buyer favourites of Upper Ferntree Gully, Scoresby, Boronia and Ferntree Gully.

2 Constable Court Scoresby, sold for $200,000 above its reserve for $1.3 million.

THE heat in the Knox property market shifted in 2017 to the new buyer favourites of Upper Ferntree Gully, Scoresby, Boronia and Ferntree Gully.

The four suburbs had median house price growth ranging from 16 to 23 per cent in the 12 months to September, CoreLogic figures show.

Buyers pushed out of more expensive areas have turned to these areas to buy permanent and investment properties.

Previously hot suburbs such as Wantirna South and Wantirna saw price growth moderate to around 13 per cent in 2017 after strong price growth in 2014-2015.

24-26 Tresise Ave, Wantirna South, sold in December for $2.75 million to set a new suburb record price.

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Agents said buyers and investors have focused on less popular suburbs because they offered value for money and also had large blocks suited for subdivision and development.

Overall, the Knox market was described as healthy by agents.

The year saw auction clearance rates remain strong at between 70 and 80 per cent for much of the region, as buyers still outnumbered sellers.

While clearance rate often soared above 90 per cent on some weeks, agents reported a drop-off in the number of bidders as the year progressed.

“Some buyers are holding back and waiting for properties to be passed and preferring to negotiate,” Biggin & Scott Knox partner Emily Grainger said.

10 Stradbroke Rd, Boronia, offered luxury features and sold quickly for $1.58 million.

At the start of 2017, some vendors could have seven or eight offer for their properties but this decreased to three or four by year end.

“The buyers are still out there and we see many are locals who are upgrading or downsizing, Ms Grainger said.

She nominated Boronia and Bayswater as the hot markets this year, attracting a wide range of buyers with affordable homes and also after infrastructure upgrades.

“We see investors and developers snapping up blocks for immediate development or to hold on for the longer term,” Ms Grainger said.

More buyers are headed to Boronia, with this 10 Stradbroke Rd home offera prestige lifestyle.

The strong demand in Knox continued from 2016 into 2017 but softened after spring, Ray White Ferntree Gully director Patrick McConnachie said.

“There is now a better balance between supply and demand. Listings fell in winter but many homes came on the market in spring,” he noted.

In terms of prices, growth moderated towards the end of 2017, with many vendors well rewarded during the first nine months, Mr McConnachie said.

“The year started strongly in January with high inspection numbers but inspections and offers per property have fallen slightly in the last quarter,” Mr McConnachie added.

“The market is no longer favouring sellers in terms of huge buyer interest and high prices. But it is still a seller’s market due to strong demand.”

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Originally published as Ferntree Gully, Scoresby and Boronia suburbs making a name for themselves in Knox