Outer East Melbourne residential market strong and rising: HTW

The current residential market within the outer east of Melbourne is very strong and rising, according to Herron Todd White’s latest May report.

The property valuation firm says that Nunawading, Mitcham, Glen Waverley, Ringwood and Mount Waverley are among the strongest suburbs for the residential market.

“In particular the strong market is evident in suburbs such as Nunawading, Mitcham, Glen Waverley and Mount Waverley.

“Within the outer eastern suburbs the market is also strong in Ringwood, Ringwood East and Croydon.

"Within both areas family homes of 3- to 4-bedrooms are in high demand.

“The rising prices are caused by the lack of supply and high demand with buyers looking for more affordable family housing,” the report stated.

High demand in suburbs such as Mount Waverley and Glen Waverley are driving the prices up according to Herron Todd White.

“The high demand has also caused the market to continue to rise in price.

“At this point in time we do not forecast the market to decline as the demand is too strong.

“However, if a major change in the economic climate was to occur it is possible the market would decrease."

HTW gave an example of the rising prices within the outer eastern suburbs as the sale at 30 Caroline Street, Ringwood. (above)

It sold on the 4 March 2017 for $950,000.

The last sale of the property occurred in December 2013 for $572,500.

“This sale illustrates the high price increase that has occurred within the past four years,” the report advised.