Balwyn North and Kew prices correct to mid-boom levels: HTW residential

In a handful of blue-chip suburbs located in Melbourne’s east, property prices have corrected to mid-boom levels following the recent sharp correction, according to a recent Herron Todd White (HTW) residential report. 

The report notes that Balwyn North and Kew are two of the eight suburbs in Melbourne where the median house price is similar to that of the 2015 property market.

A 1960s home at 2 Victor Avenue, Kew has recently been sold for $1.6 million.

Surrounded by garden and alfresco decking, the single level home comprises four bedrooms living room with fireplace, updated kitchen and four car parking.

It's within close proximity to elite schools, trams, shopping precincts and parklands.

While the pressure of the property market has eased in recent months, the types of property available on the market such as detached dwellings and apartments etc largely remain the same despite lots of residential developments taking place in Box Hill and Ringwood at the moment.

"This is very different from large englobo estate developments that are happening in areas with an abundance of vacant land available such as Truganina, Melton and Werribee," the valuation firm said. 

"Of the properties in Melbourne’s eastern region, around 33% are owned outright or mortgaged, with 20% of housing comprised of townhouses or semi-detached homes and 33% of residential properties being high-rise apartments."

The eastern suburbs are proving to be popular with first home buyers due to the number of schools located in the region.

Catchment areas of elite government schools such as Camberwell High School are highly sought after.

The report suggests suburbs such as Ringwood and Mitcham in the outer east will most likely be more desirable as the median house price for those suburbs is $830,000 and $920,000 respectively.

These suburbs boast great access to coffee shops, restaurants, gyms and health clubs that is highly desirable and are also very close to transport and schools.

Some of the most popular and desirable areas include Kew, Hawthorn, Camberwell and Balwyn.

Travelling into the city by train from Hawthorn and Camberwell takes 15 and 25 minutes.

"This short trip is not only a selling point for those who commute to corporate jobs in the city but also allows their children access to quick transport to school via tram or train. This drives the price of homes in these areas upwards," the valuation comments. 

The Hawthorn median house price sits at $2,192,500 and Camberwell’s median house price is $1,955,000.

This market is geared towards established families or couples who are well resourced and are able to afford the choices of lifestyle that come with living in the eastern suburbs of Melbourne.

A three bedroom townhouse at 2/51 Cobden Street, Kew (pictured above) has recently been sold for $1,275,000.

The home comprises three bedrooms, study or fourth bedroom, upstairs retreat or lounge, living and dining areas and courtyard garden. 

It is close to High Street shops and restaurants, trams, recreation centre, and schools.