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14 November, 2023 / Category: Blog
Stonnington’s property market has taken longer to rebound from interest rate hikes than its neighbouring council areas, such as Boroondara and Yarra. Nonetheless, certain pockets within Stonnington have displayed a robust resurgence in the spring market, revealing the remarkable level of demand in these specific regions despite the recent rate hike. Given the turnover of quality properties, now is a great time to explore upgrades or downsizing opportunities within Stonnington.
Our preferred pockets of Stonnington, South Yarra, Toorak, and Armadale offer excellent potential for capital growth and lifestyle. These neighbourhoods possess strong underlying property fundamentals, ensuring long-term capital growth and sustained demand. Their proximity to the city, excellent public transportation access, and vibrant retail amenities make them prime choices for homeowners and investors.
The high percentage of properties in the $3 million to $12 million price range aligns with the preferences of many of our clients. However, these suburbs present challenges in terms of availability for A-grade properties. Like most pockets of Melbourne, the number of properties listed has been limited in the last six to twelve months, and many transactions occur off-market or through private sales. More recently, we’ve noticed opportunities in these areas as downsizers increasingly choose to sell their larger homes and transition to smaller residences. Nevertheless, the trend of quality properties selling off-market remains prevalent.
Here are two properties with good potential that sold quietly off market recently.
16 Moorhouse Street, Armadale |
5 Furnell Court, Toorak |
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A substantial number of properties in these areas are sold through private sales, necessitating a meticulous search process and the application of sophisticated negotiation skills. During these negotiations, it is crucial to strike the right balance between paying a fair market rate, thus avoiding overpayment, while also securing the desired property and not missing out on valuable opportunities.
32 Caroline Street, South Yarra |
31 Grange Road, Toorak |
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The disparity between renovated and unrenovated properties in these suburbs has widened significantly, primarily driven by the enduring impacts of COVID-19 on supply chains, material costs, and labour expenses. This is driving a robust inclination among buyers to invest in completely renovated properties, even if it means paying a premium.
Armadale
Armadale exudes picturesque charm and boasts a rich history of period homes, including Victorian cottages and stately historic mansions. The vibrant High Street Armadale offers a premium shopping experience.
The median property price in Armadale stands at $2,600,000, up 4.4% in the past year, with properties typically spending just 46 days on the market. The suburb reached its peak at $2,735,000 in October 2022.*
Read more about this suburb here.
South Yarra
South Yarra, nestled along the Yarra River, offers a mix of historic mansions, Victorian terraces, and modern apartments. Young singles flock to apartments for the vibrant Chapel Street scene, while a more mature crowd embraces Victorian terraces along Toorak Road. Unrivalled retail, transport, and CBD access make South Yarra a hotspot for various homebuyers and investors.
The median property price in South Yarra is $2,205,000, down 7.7% in the past year, with properties typically spending just 40 days on the market. The suburb reached its peak at $2,375,000 in October 2022.*
Read more about this suburb here.
Toorak
Toorak offers a spectrum of luxury living, from stunning historical mansions to contemporary marvels, charming period homes and chic apartments. While older couples favour the area, its proximity to the CBD and South Yarra, coupled with the availability of stylish apartments, attracts a growing community of young independent residents and families.
The median property price in Toorak stands at $5,300,000, down 2.3% in the past year, with properties typically spending 64 days on the market. The suburb peaked at $5,675,,000 in October 2022.*
Read more about this suburb here.
Looking for property in South Yarrac, Toorak and Armadale? Contact us today to book a free 15-minute discovery call and learn how we can help secure your perfect property.
*Realestate.com.au
As property advocates and property managers we love what we do. Searching, negotiating and securing the perfect property for our clients, sooner and on better terms.
