Over the last quarter, Boroondara and Stonnington’s property markets have shown resilience amidst economic shifts, highlighting the premium appeal of both areas for buyers with long-term investment in mind. There are a unique combination of factors affecting both buyers, sellers and renters across the key suburbs we focus on like Glen Iris, Ashburton, and Camberwell. The last quarter has seen a slight dip in Melbourne’s property values, down by around 1.1%. Since July Glen Iris has shown a 12.1% growth in median home price, Camberwell saw a 4.8% increase, while Ashburton saw a slight decrease of 0.8%. These areas have faced historically low stock levels, with transaction volumes down 25-30%, which has helped maintain price stability despite fewer listings. Buyer demand remains strong, and property prices have shown resilience, especially for premium homes. As inflation cools and rates stabilize, we can expect renewed interest from more buyers and sellers who have been holding back. I believe this will translate to a strong start to 2025. The rental market, however, remains intensely competitive, especially in popular suburbs. With vacancy rates in Melbourne at just 1.5%—well below the balanced rate of around 2-2.5%—rent prices have surged, rising over 9% in the past year for both houses and units. This tight market is largely driven by Melbourne’s significant population growth, as the city continues to attract both interstate and international migrants looking to take advantage of job opportunities and lifestyle offerings. For Glen Iris, Ashburton, and Camberwell, this means that rental properties are harder to come by, and rent levels remain high as a result. High demand and limited supply create competition, a positive market for landlords despite increased compliance and costs. For those considering their next steps in the market, feel free to reach out for a discussion tailored to the latest conditions and opportunities specific to your property. ZALI REYNOLDS Founder | Director Market Summary
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