Market Update
March 2024 Review
Our purpose
To create a place where we can facilitate our people’s growth.
Our values
Family
Our colleagues are our broader family, assist when needed and when in need
Mutuality
Respect our colleagues and our clients as you would like to be respected
Embrace change
Strive for excellence; be open minded and willing to embrace change
Realising potential
Unlock your full potential, encourage and support your colleagues
Health and energy
Work towards being well balanced within yourself
From our corporate director
Dean O’BrienHi All,
The March report from CoreLogic, presented by O'Brien Real Estate, provides an insightful snapshot of the real estate market dynamics in Melbourne and regional Victoria
In metropolitan Melbourne, the median home price remained stagnant, reflecting a market plateau with no percentage change in all dwellings In contrast, regional Victoria experienced a marginal dip of 0 2% Breaking down the categories, houses in both metro Melbourne and regional Victoria saw a slight decrease of 0.1% and 0.3%, respectively. Units in Melbourne also fell by 0 3%, but regional Victoria’s unit prices did not change
Over a 12-month period, Melbourne’s property market saw a moderate annual increase of 3 2%, albeit less vigorous compared to other major cities However, regional Victoria bucked the positive trend, recording a decrease of 0.7%. The median prices indicate Melbourne's market remains more robust, with houses at $935,049 compared to regional Victoria’s $600,870 Units in Melbourne are priced at a median of $612,906, surpassing regional Victoria's $411,236 by a substantial margin Overall, the median for all dwellings stands at $778,892 in Melbourne and $568,998 in regional Victoria
Rental markets told a different story, with Melbourne experiencing a significant uptick. House rental prices surged by 10.9%, and units by 9 4% over the past year This growth translated into healthy rental yields, particularly for units, which outperformed houses
In Melbourne, the rental yield for units reached 4 6%, a notable contrast to houses at 3.1%. Regional Victoria's rental yields remained competitive, with all dwellings averaging a 4 0% yield, and units slightly outpacing houses
This contrasting performance between the home sales and rental sectors highlights Melbourne's shifting real estate landscape While sales prices are experiencing a lull, the rental sector is booming, offering lucrative opportunities for investors seeking higher returns, especially in the unit market. This dynamic is critical for understanding the current state of the property market, investment potentials, and planning for future growth in the housing sector
Regards,
Dean O'Brien Corporate DirectorMarch
report
Step 1: Assessment
Simply call and speak to our experienced Growth Specialist who will review and assess, collecting some information to commence the hand over process
Step 2: Authorise
At this stage, we will gather all required documentation authorising our team to take over the file and begin an in depth analysis of your property
5 reasons why OBrien
Step 3:
OBrien Real Estate hand over We take it from here, managing contacts, assessments, and file transfers We'll also liaise with your tenant for inspections or introductions
have an investment
Josh Barbut 0439 782 898 Property Management Growth Specialist
Do you
property? Transfer management to us ... it's easy.
Reason #1 Inter-office promotion and selling increasing your property’s exposure. Latest prospective renter database Reason #4 All property managers receive specialist industry training and have regular meetings Reason #2 Local area specialists, highly skilled and trained property managers across all offices Reason #5 Professional photography and lease boards, utilising Australia’s premier real estate websites Reason #3 Our low days on market can translate into marketing savings. Less time on market ensures you receive the best possible price. Access to more renters Constant improvement Experience, integrity and knowledge Specialised marketing. Faster leasing time
We sell more.
A snapshot of last moths sales
Berwick
- $803,000
$720,000 - $792,000
$900,000 - $990,000
$720,000 - $792,000
$700,000 - $770,000
$520,000 - $570,000
$690,000 - $759,000
$875,000 - $960,000
$530,000 - $560,000 $685,000
$880,000 - $920,00
$780,000 - $820,000
$990,000 - $1,080,000
$540,000 - $590,000
$570,000 - $599,000 $570,000 - $625,000
- $605,000
- $970,000 $840,000 $623,000 $1,010,000 $573,500 $778,000 $625,000 $835,000 $900,000 $530,000 $890,000 $858,500 $785,000 $1,070,000 $800,000 $785,000 $553,500 $750,000 $920,000 $546,000
Address Price range Sale price Days on market Number of buyers Suburb 8 Marlborough Road 1/18 Elm Street 32 Mareeba Crescent 3/27-29 Souter Street 35 Blake Street 3/45 Jane Street 23 Penrith Court 23 Hedgeley Drive 19 Cormorant Close 13 Petrel Close 1/4 Gwyn Crescent 6A Rose Avenue 3 Gwyn Crescent 5/2 Dixon Court 3/24 Dixon Court 6/42 Central Avenue 1/65 Devenish Road 2 Eccles Way 309/5-7 Irving Avenue 2 Jasmine Street 1 Hardy Avenue 2/281 Koornang Road 45 Wynnstay Street 172 Morison Road 20 Mindful Circuit 39 Cottle Drive 23 Thoroughbred Drive 6 Kavanagh Lane 156 Heather Grove 3 2 4 2 4 2 3 4 2 5 3 3 3 3 3 2 3 4 2 0 3 2 6 3 2 3 4 3 4 2 1 2 2 2 2 1 2 1 2 2 1 2 2 2 1 1 2 1 0 2 1 2 2 2 2 2 2 2 0 1 4 1 2 1 4 2 1 2 0 1 3 2 1 1 1 2 1 0 4 1 2 1 1 1 2 2 2 $798,000 - $876,000 $575,000 - $630,000 $940,000 - $1,020,000 $510,000 -
$560,000
$740,000 - $790,000
$900,000
$595,000 - $650,000 $780,000 - $850,000
-$990,000 $500,000 - $550,000 $895,000 - $930,000 $730,000
$920,000 $550,000
$895,000
$892,500 $815,000 $1,066,000 $560,000 $592,500 $575,000 $920,000 $550,000 $940,000 28 7 24 7 13 20 26 20 126 7 12 12 14 20 14 26 20 15 29 0 21 11 19 8 55 29 41 97 9 50 34 42 28 54 12 15 50 10 3 48 27 29 32 50 30 36 3 23 1 12 18 17 8 6 23 18 83 7 Bayswater
$685,000
Bayswater
Bayswater Beaconsfield
Boronia Boronia Boronia Boronia Boronia Boronia Botanic Ridge Box Hill Bunyip Cannons Creek Carnegie Clyde Clyde Clyde Clyde Clyde North Clyde North Clyde North
Berwick Berwick Berwick Blind Bight Blind Bight Boronia
We sell more.
Cranbourne
Cranbourne
Cranbourne
Cranbourne
Cranbourne
Cranbourne
Cranbourne North
Cranbourne North
Cranbourne South
Cranbourne West
Devon Meadows
Ferntree Gully
Glen Waverley
Lang Lang
Lang Lang
Lynbrook
Lyndhurst
Narre Warren
Narre Warren North
Narre Warren South
Officer
Officer
Pakenham
Pakenham
Pakenham
Pakenham
Pakenham
Pakenham
Vermont South
- $770,000
$595,000 - $650,000
$2,200,000 - $2,300,000 $565,000 - $620,000
$790,000 - $869,000
$1,800,000 - $1,980,000
$695,000 - $725,000
$1,400,000 - $1,540,000
$780,000 - $820,000
$710,000
$550,000 - $590,000
$1,650,000 - $1,750,000
$595,000 - $650,000
$680,000 - $740,000
$680,000 - $745,000
$550,000 - $595,000
$550,000 - $580,000
$585,000 - $635,000
$540,000 - $590,000 $550,000 - $605,000 $570,000-$610,000
- $1,430,000
$1,420,000 $790,000 $710,000 $551,000 $1,625,000 $642,500 $710,000 $730,000 $570,000 $565,000 $620,000 $575,000 $621,000 $590,000 $1,435,100
A snapshot
Address Price range Sale price Days on market Number of buyers Suburb 5 Kings Court 8 Binding Avenue 9 Jockey Lane 8 Kingdom Drive 15 James Cook Drive 2/34 Clairmont Avenue 41 Waverley Park Drive 12 Terrence Drive 226 Pearcedale Road 15 Ovata Place 82 Craig Road 132 Burke Road 60 Shepherd Road 33 Rosebery Street 565 Westernport Road 7 Park City Drive 5 Lyndhurst Boulevard Unit 1/1 Argus Court 4 Margaret Lane 11 The Terrace 69 Kenneth Road 24 Majestic Drive 3 Davinci Street 1/39 Tuscany Rise 33 Melissa Way 3 Marisa Place 4 Rossetti Court 16 Botham Crescent 7 Leonard Court 3 3 4 4 3 4 4 4 6 4 4 3 5 4 3 3 3 3 6 3 4 4 3 2 4 3 3 3 5 1 2 2 2 2 3 2 1 4 2 2 1 2 2 2 2 2 2 3 1 2 2 2 1 2 1 2 2 3 2 2 2 2 3 2 2 0 3 2 2 2 2 2 4 2 2 1 4 1 2 2 2 1 2 2 2 2 2 $570,000 - $627,000 $590,000 - $640,000 $570,000 - $620,000 $695,000 - $760,000 $720,000 - $770,000 $610,000 - $670,000 $700,000
of last moths sales
$1,045,000
$1,300,000
$585,000 $627,850 $615,000 $700,000 $745,000 $657,000 $765,000 $655,000 $2,150,000 $619,000 $1,045,000 $795,000 $2,400,000 $715,000
45 20 10 32 14 6 17 6 19 8 0 33 28 18 13 9 90 111 160 15 36 42 45 21 3 27 7 31 22 36 44 22 19 4 13 28 25 39 25 1 56 105 7 9 9 41 80 29 38 15 33 55 2 28 79 60 64 57
Aspendale Bayswater
Cranbourne
Cranbourne
$2,389 $2,085 $2,607 $2,520 $2,476 $2,389 $2,607 $2,346 $2,563 $2,085
A snapshot of last months leases Address Suburb Price per week Price per month 29/50-51 Nepean Highway 2 Opal Court 31 John Street 16 Margaret Street 2 Hartville Place 30 Sharpe Court 33 Caravan Parade 4/31 Wilson Street 12 Golf Links Road 141 High Street 57 Melville Park Drive 9 McNaughton Crescent 6 Dolcetto Drive 1 Lyndal Court 6 Skua Court Unit 2/54 Pine Crescent 52 Cultivation Circuit 19 Toscana Road 12 Cortajalla Avenue 2 Stonethwaite Lane 8 Dablam Street 10 Bentley Lane 57 Floyd Circuit 8B Normanby Street 2 2 3 3 4 4 3 2 3 2 4 4 4 3 4 2 4 4 4 4 4 3 4 2 1 1 2 2 3 2 2 1 2 1 2 2 2 2 2 1 2 2 2 3 2 2 2 1 1 1 2 2 2 2 1 1 0 1 2 2 2 4 2 1 2 2 2 2 2 1 2 1 $620 $400 $500 $540 $540 $580 $520 $475 $460 $485 $520 $650 $650 $580 $550 $480 $600 $580 $570 $550 $600 $540 $590 $480 $2,693 $1,738 $2,172 $2,346 $2,346 $2,520 $2,259 $2,063 $1,998 $2,107 $2,259 $2,824 $2,824 $2,520
We lease more.
Clyde
Bayswater Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Blind Bight Boronia Clyde
Clyde North Clyde North Clyde North Clyde North
Wantirna South
more. A snapshot of last months leases Address Suburb Price per week Price per month Unit 3/56 Elizabeth Street 47 Artfield Street 3/9 Cherryplum Court 30 Shergold Way 3/2 Vera Court 73 Browns Road 13 Tunley Close Unit 2/23 Bride Avenue 40 Lindhe Lane 8 Woodley Street 78 Prospect Hill Road 4 Lighthorse Crescent 24 Falkor Road 12 Milne Walk 5 Utopia Way 8 Walnut Way 44 Sampson Drive 46 Sampson Drive 406/71 Abinger Street 3 Hicks Court 3 Yallock Street 152 Merrijig Drive Unit 1/62 Tate Avenue 4 Arbroath Road 2 4 2 2 2 5 4 2 3 3 3 3 4 2 4 3 4 4 2 4 3 4 3 3 1 2 1 1 1 2 1 1 2 2 1 1 2 2 2 2 2 2 2 3 2 2 1 2 1 2 1 1 1 1 3 1 2 2 2 1 2 1 1 1 2 2 1 4 2 2 1 2 $430 $515 $450 $450 $400 $890 $575 $410 $700 $520 $490 $460 $550 $460 $595 $480 $600 $600 $640 $630 $590 $610 $510 $540 $1,868 $2,237 $1,955 $1,955 $1,738 $3,866 $2,498 $1,781 $3,041 $2,259 $2,129 $1,998 $2,389 $1,998 $2,585
We lease
$2,085 $2,607 $2,607 $2,780 $2,737 $2,563 $2,650 $2,216 $2,346 Cranbourne Cranbourne East
Dandenong Devon Meadows Endeavour Hills Hampton Park Lang Lang Narre Warren Narre Warren Narre Warren South Officer Officer Officer Pakenham Pakenham Pakenham Richmond Rowville
Cranbourne North Cranbourne North
Tooradin Torquay Wantirna South
7 questions to ask before engaging a real estate agent
Sometimes, real estate agents can fall into a bit of an unfortunate stereotype – a slick salesperson with promises of making your property dreams come true, just to make themselves a sweet commission
That said, finding a good real estate agent to assist with your property needs is necessary when dealing with one of the biggest financial decisions of your life.
To make sure you’ve found the one for you and you’re ready to lock them in with a third and final call, here’s what to look for in a real estate agent to ensure you’re sold
1 Are their certifications industry recognised? Like when engaging any professional, do your due diligence and ensure your real estate agent is properly trained and certified with up-to-date qualifications and experience. First up, look for an agent who studied at a registered training provider Cale Morton, Partner at Entry Education, a leading real estate academy, says a proper education ensures your real estate agent has learnt from industryled professionals with the real-world experiences, connections, skills and certifications to ensure they not only succeed in real estate, but provide their clients with the very best service “Education really is the foundation,” Morton says “Our online real estate courses and government-funded traineeships provide agents with the necessary building blocks to then forge a successful career in real estate where they’ll continue learning and growing ”
2 Do they have industry experience? When looking for a real estate agent, you want someone who understands the industry –the agents, clients, auctioneers and buyers What you’re looking for, Morton says, is an agent who has studied “real life scenarios” to “learn the skills needed to get familiar with the real estate industry" This means you’re looking to get someone who knows how it works, how they can best assist you with your needs, and who has contacts they can utilise to get you the best possible deal, whether you are just getting a leg up on the property ladder or you’ve been in the game for years
3. Do they understand the market? The property market can be difficult to predict even for seasoned professionals, but an astute agent will have their finger on the pulse of all changes when they occur (and hopefully prior) From knowing about interest rates to finding a budding sister suburb, you want a real estate agent with what Morton calls “real-world skills” who can assist with your property journey This could be in the form of suburb profiling, property reports, providing you with details on market trends, or giving insight into growth suburbs and regions gained from key research and contacts in the industry
4 Do they listen to what you want and act on it? We’ve all seen House Hunters, where a person asks for a three-bedroom town house with a view and ends up in windowless studio apartment Your agent should be working for you, and not the other way around Look for an agent that acts with your best interests at heart, providing you with the best, safest, and easiest experience possible
5 Do they know your area and property style? Does your real estate agent know their Victorian from their contemporary? Their industrial from their mid-century modern? While contestants on The Block may get confused from time to time, your real estate agent should be a professional and reliable source for information on all things real estate Whether it’s the types of homes and amenities found in your chosen area, or the property you’re selling – an in-the-know agent will be able to use their skills to make the house hunting process a smooth one
6 Do they know how to maximise results?The big one A large part of being a great real estate agent is getting you the best possible financial result for your property Education in this field is key. You’re looking for someone, with “a sound understanding” of real estate, so that they can “spend more time making an impact,” according to Morton This means doing your research on your agent – how have they gone with previous sales in the area? Do they come recommended? Where did they study? Are they looking to put in due diligence for your property when it comes to advertising, negotiating, and online enquiries? Do they have access to online databases and understand how to operate in both the online and in-person world? Ensure your agent comes with the skills, education and experience from a reputable real estate education provider and company to get you the best deal on your property..
7 Do they provide good service? Buying and selling property is one of the biggest financial and emotional decisions you will ever make in your life You want to ensure the person handling this for you not only understands the market, property and how to get results, but above all, is personable, friendly, and professional, and handles their clients with merit, ethics, and care “Having an agent that can not only hit the ground running when you first engage them, but who can also provide the professionalism of keeping you informed at all stages is what separates the good agents from the bad,” Morton says You will be building a relationship with this person and trusting them with one of your biggest assets, so with your real estate agent, proactive and reliable communication in a timely fashion is key to getting you popping the champagne and making the sale a success for everyone involved
article source : www realestate com au
Currently for lease Berwick Cranbourne Narre Warren Berwick 9707 0556 56-58 High Street, Berwick berwick@obre com au Cranbourne 5995 0500 Cranbourne Park Shopping Centre FS005/125 S Gippsland Hwy, Cranbourne cranbourne@obre com au Narre Warren 8794 0500 Suite 3, Ground Floor 58 Victor Crescent, Narre Warren narrewarren@obre com au Currently for sale Berwick Cranbourne Narre Warren
Our network
40 offices and growing
our service
our network. Torquay Northern Victoria Melton Alexandra Werribee Deer Park Wodonga Wangaratta Sydenham Rye Eastern Victoria Drouin Warragul Corporate Brighton Hastings Mentone Preston / Reservoir Mornington Somerville Bairnsdale Frankston Oakleigh Cowes Croydon Ringwood Blackburn Vermont Wantirna Far North Queensland San Remo Endeavour Hills Narre Warren Keysborough Berwick Chelsea Carrum Downs Cranbourne Langwar r i n
The quality of
stems from the importance we place on the people behind
& Beaches
Cairns
Pake n h am
Wonthaggi
obre.com.au
Tecoma / Belgrave / Olinda
obre.com.au Scan to view our
suburb reports A multiple REIV award winning company Foundation
in-depth