Real Estate

The modest stars of the 2018 Glen Eira property market

Written by The ReReport
As seen in the Source link, written by on 2018-12-19 12:00:10

Ormond, Murrumbeena and Caulfield North units were the stars of the 2018 Glen Eira property market.

Parts of Glen Eira avoided the property market downturn in 2018 and defied the odds by adding healthy price growth.

Units in Ormond, Murrumbeena and Caulfield North were the stars of 2018, each adding more than 10 per cent to their median price.

Ormond units topped the list for the municipality, leaping 12.8 per cent to a $615,000 median in the 12 months to September, according to CoreLogic.

That’s a gain of almost $70,000 in a year.

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Ormond also took top spot for highest median house price growth, jumping 5.7 per cent to a $1.63 million median.

Perry Property Advocates founder and director Adam Perry said Ormond had escalated in value thanks to a few key projects.

“One of the key developments in the municipality is the Ormond train station precinct, (it) was delivered in late 2016, and this area continues to grow and provide benefits to the community — and to homeowners through increased prices,” Mr Perry said.

“The precinct will continue to expand, with a further development proposed featuring a shopping centre at its core.
“If this goes ahead, it will definitely have a flow-on effect to prices close to the station.”

Glen Eira’s median house price remained steady, recording no change to its $1.425 million median across 1272 sales.

Unit prices were up 2.4 per cent to a $645,000, a gain of more than $15,000 from 1133 sales.

Woodards director Benjamin Dax said Murrumbeena was one of the most popular suburbs this year.

“The sky rail has allowed easy access to major arterial roads and improved the suburb,” Mr Dax said.

“Also many streets are protected from high density development and families looking for long-term homes are prioritising these protected streets.”

Mr Dax said villas and apartments across Glen Eira pulled the best results despite a challenging year.

“Villa-style units continued with huge growth in the first half of 2018 and were least affected in the back half,” he said.

“Also, ground floor apartments with good courtyards continued to perform well.”

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