Sales in tightly held Melbourne suburb of Ivanhoe up 21% in past two years: Jellis Craig
Properties in the tightly held suburb of Ivanhoe, in Melbourne’s north east, have been trading hands more frequently of late, according to Jellis Craig’s Annual Property Review.
“While the market may have been more subdued at the end of 2011, median house prices in Banyule have generally defied the trend of a softening market.
“Suburbs such as Ivanhoe, which traditionally have a low turnover, where homes are often held by families for a generation, have enjoyed a 21% increase from December 2009 to December 2011 and more than doubled over the last five years,” says Jellis Craig Ivanhoe director Dave Oster.
“Last year we offered a superb family home in Ivanhoe East which exemplified all the fine features that are increasingly attracting buyers to the area at the higher end. This impressive home in Robinhood Road had a large block with a swimming pool and tennis court and was marketed over several months to achieve a $3.15 million result. The delighted buyer not only acquired a remarkable house but one in which they recognised the long term potential for capital growth.”
Click to enlarge
Source: Jellis Craig Annual Property Review
He says sales have slowed in the first few months of 2012 in the area but expects volumes to rebound moving into the Easter period.
“Moving into 2012 we have seen the number of properties on offer slightly decline but increased numbers through the open for inspections have perceptibly increased in comparison to late last year,” says Oster.
“We have also received some solid pre-auction offers over the January/February period, which we anticipate will convert to improved clearance rate levels this side of Easter.
Click to enlarge
Source: Jellis Craig Annual Property Review
“The more active buyers are those in the market for properties either side of $1 million. Properties located close to train stations and schools are attracting very healthy numbers at viewings, while those with difficult floor plans or not within easy access to public transport are more challenging.
“We will start to see solid listings in the coming months with an even mix of top end properties in Ivanhoe and Eaglemont and more affordable family homes on large blocks in neighbouring Rosanna and MacLeod.”