Market Update Report
East Melbourne
1502/279 Wellington Parade, South East Melbourne A 3 B 3 C 4
Feature Property
Ben Bongiorno
Sales Executive, Auctioneer
0417 584 793
ben.bongiorno@marshallwhite.com.au
Ben brings a wealth of experience to his role as Sales Executive following twelve years working in the finance industry. After completing a Bachelor of Commerce and a Master of Financial Planning, he was an accredited Financial Adviser specialising in advice for medical practitioners. Whilst also becoming a Certified Financial Planner (CFP®) Ben gained the necessary skills in tax, finance, financial planning, insurance and more passionately advice around buying property. This passion led to further study in the real estate area, and now at Marshall White he is committed to providing expert advice from a strong financial background.
At the same time however, Ben is empathetic to the lifestyle aspects of selling or purchasing a home and the individual needs of each and every client. He aims to look after people by providing advice that is helpful, uncomplicated, and most importantly, honest.
Ben has a calm, easy going manner which makes the sales process relaxed and stress free. Whilst diligent and hardworking, he has a great sense of humour and always has time for a chat. When not at work, Ben keeps fit by running, playing tennis and a competitive game of golf with family and friends, he also enjoys getting back to his hometown Ballarat. His favourite way to start the day includes a walk with his best buddy Rocco the Border Collie. Ben loves attending Melbourne’s many sporting events and is a passionate supporter of various animal charities.
Contact our team for a complimentary consultation
Market Review
Market Equilibrium Emerges
The property market is normalising from recent pandemic-impacted years. Buyers have generally adapted to interest rate increases, with enquiry levels maintaining steady growth from late last year into this year, resulting in a 20% increase in sales for Marshall White properties. There’s a noticeable rise in property volumes, around 30% higher compared to last year, marking the most typical year we’ve seen since the onset of the pandemic, with both consumers and the market itself adjusting and finding their footing.
Auctions, up by 60% this quarter, have proven to be a highly effective strategy in this climate, often favoured by vendors to achieve premium outcomes. Campaigns are tailored to the needs of each client, aiming to maximise their property sale potential. A significant development is the increase in investment properties being sold by owners, with inventory up 15% from previous years. This rise, driven by land tax charges, offers
East Melbourne
buyers more options than last year, contributing to a market that is balanced, sensible, and neither overly soft nor bullish.
In East Melbourne, the last quarter saw a rise in median property prices from $3.36 million to $3.51 million, representing a 4.46 percent increase. At the end of this quarter, the median sale price returned to $3.36 million, demonstrating the stability and resilience of the local market.
According to REA PropTrack reports, in March and April alone, the East Melbourne area attracted over 1,700 interested buyers; however, only 16 homes were listed on the market. This significant imbalance between supply and demand highlights the strong desirability of properties in this sought-after location.
The local rental market saw exceptionally high demand, with demand outstripping supply by 28 times (Source: REA PropTrack). This disparity emphasises East Melbourne’s potential for investors seeking a reliable and profitable rental income stream.
Average Sale Prices Per Quarter - East Melbourne
Average Rental Prices Per Quarter - East Melbourne
East Melbourne PM $800 $700 $900 $1000 $1,100 $1,200 $1,300 Q2 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024
Total Market Average *Property Data realestate.com.au Total Market Average *Property Data realestate.com.au
$1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 2022 2021 Q4 Q3 2020 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 2019 2023 Q1 2024
East Melbourne
Property Highlight
140 Powlett Street, East Melbourne
A 3 B 3 C 2 E 321 approx. Private Sale
Beautifully set against the backdrop of a private, leafy garden sanctuary, this utterly captivating c1867 Victorian residence’s three levels and 321sqm (internally) approx. exceeds all expectations in terms of elegance, contemporary style and the multitude of living and entertaining options.
Community Lifestyle
Bedggood & Co. Cafe
137 Wellington Parade South, East Melbourne
Streamlined, light-filled eatery featuring morning & midday menus, plus baked goods & coffee.
SALT | saltfit.com.au
SALT Movement & Recovery is East Melbourne’s new state-ofthe-art health and wellness set up. It has everything you need for workout and recovery
A BLACK TIE GALA
WITH SILENT AND LIVE AUCTIONS DINNER AND ENTERTAINMENT
SAVOY BALLROOM GRAND HYATT, MELBOURNE
Proudly supporting
FOUNDATION BALL 2024
140 Powlett Street, East Melbourne A 3 B 3 C 2 Expressions of Interest 404/182 Wellington Parade, East Melbourne A 3 B 2 C 3 Private Sale 55 Berry Street, East Melbourne A 3 B 1 C 2 Private Sale Unrivalled Results 7 Palmer Street, East Melbourne A 4 B 2 C 3 Expressions of Interest 488 Victoria Parade, East Melbourne A 4 B 3 C 2 Auction 403/182 Wellington Parade, East Melbourne A 3 B 2 C 2 Private Sale 405/182 Wellington Parade, East Melbourne A 3 B 2 C 3 Private Sale 22 Jolimont Terrace, East Melbourne A 5 B 2 C 2 Private Sale 1502/279 Wellington Parade East Melbourne A 3 B 3 C 4 Private Sale Considering a sale? An appraisal goes beyond revealing your home’s current market value; it provides valuable insights to enhance your property’s appeal to prospective buyers. Contact Ben Bongiorno 0423 266 231 | ben.bongiorno@marshallwhite.com.au Appraisal Request