Morrison Kleeman Winter Quarterly

CELEBRATING OVER 32 YEARS OF SERVICE IN THE NORTH EASTERN SUBURBS

The outlook for buying, selling and investing in 2024

WELCOME TO THE WINTER EDITION OF THE MORRISON KLEEMAN PROPERTY REPORT

Market Report – Winter 2024

As the temperature continues to cool across Australia, the property market only heats up further. Australian home values in April have continued their upward trend, with CoreLogic’s national Home Value Index rising by 0.6% recently. This rise is consistent with the pace of gains recorded in both February and March, with the month-on-month increase adding approximately $4,720 to the national median dwelling value. Since January 2023, the value of homes has spiked by 11.1%, making it an excellent time to consider selling your property. In fact, almost every capital city is recording stronger growth conditions in the lower value range of the market. CoreLogic’s Research Director, Tim Lawless, notes “the shift towards stronger conditions can also be

observed between the housing types, with growth in unit values outpacing house values over the past three months.”

On the other hand, although the monthly trend in home sales is highly seasonal, the less seasonal six-month trend has remained relatively flat since the November rate spike. Estimated sales over the past three months are tracking 8.6% higher than at the same time last year, and about 5.1% above the previous five-year average. However, it is likely that a combination of worsening affordability and low sentiment will continue to suppress the volume of sales until interest rates start to decline.

Thus, we see a prime example of how the high cost of homes does not benefit everyone, particularly in the

face of high interest rates, low sentiment, worsening affordability, and ongoing cost-of-living pressures.

On the bright side, however, Mr. Lawless believes that eventually, housing demand and supply will converge, ramping up residential construction activity.

At Morrison Kleeman, our team understands the combination of high interest rates, living costs, and home values along with auction rates can be daunting. This is why we encourage members of our community to seek our advice. Whether you’re interested in understanding what the current market means for your property, or you need tailored advice about the areas you wish to buy or rent in, our team is here to help!

Copyright Morrison Kleeman – Views expressed by contributors in this publication are not necessarily endorsed by Morrison Kleeman.

Notable Local Writer: Skye Martin

Marketing Manager: Laura Priddle

NOTABLE LOCALS

PEOPLE AND PLACES OF NOTE IN THE DIAMOND VALLEY

Easthill Estate

When you live in the state of Victoria, it seems you are never more than an hour’s drive from a local winery. And when you think about what a winery is, you might imagine the rolling vineyards of the Yarra Valley, twisting along the horizon on a green, open plain. It was against such a backdrop, on a first date with a toast of champagne, that Harry and Sarah’s dream of owning their own vineyard sparked to life. From there, it was a leap of faith and a ‘cheers’ that led the couple to sell their properties and purchase Easthill Estate in Kangaroo Ground, with a dream of making wine that is “made to be shared.”

Easthill Estate effortlessly fosters an ambiance of comfort and relaxation, allowing patrons to enjoy, in the words of Sarah and Harry, “great wine, great laughter, great musicians, with great locals.” It is this and so much more that makes Easthill Estate truly special. Whether you’re in the mood for some music, reminiscing with friends, celebrating or commiserating, there is a place for you and a glass of wine at Easthill Estate.

This writer had the pleasure of speaking with Harry and Sarah, who describe themselves as “a modernday blended Brady Bunch family—with diverse talents, accomplishments, attitudes, and passions”— that make it possible to believe if you can dream it, you can certainly do it. With Sarah coming from a background in the fast-paced fashion industry and Harry’s previous experience in finance, this dream team has ensured Easthill Estate is the true definition of

a ‘labour of love’, with every aspect of the vineyard, from farming to winemaking done by hand.

From the time grapes are harvested, Easthill Estate treats winemaking like an art form, using the unique, nutrient-rich, basalt-based black soil at its roots to create their bespoke wines.

Easthill Estate is passionate about ‘connection’—with each other, your loved ones, music and of course, a love of wine. This makes it the perfect place to enjoy a diverse range of entertainment on weekends throughout the year at the Cellar Door.

There are no words this writer could have conjured to better describe Easthill Estate than Sarah and Harry’s own: “The best wines are the ones we drink together—and they are made to be shared in good times and bad, shared with smiles, laughs and sometimes tears.” Easthill Estate will lovingly ‘cheers’ you through all of it.

To find out more about Easthill Estate and what more they have to offer, you can visit their website at www.easthillestate.com.au, contact them on 0406 185 126, or visit in person at 100 Kangaroo Ground-St Andrews Road, Kangaroo Ground

Eltham Lacrosse Club

From the first-hand accounts of players and members affiliated with Eltham Lacrosse, it is apparent that this club is built on the foundation of a strong membership base, with second and third generations of families playing alongside those they have known for most of their lives. They show up every week without fail to support their teams. In some cases, once coaches have become teammates and local community members have become lifelong friends—all united by a love for the game of lacrosse.

From the outset, it became clear to this writer that the members of Eltham Lacrosse are extremely passionate about their club—with numerous people eager to share their anecdotes about what this club means to them, their families and their community. After speaking with these individuals and the club’s President, Jamie Buchanan, it is not hard to see why some of their members have over thirty years of involvement. The team spirit and commitment to promoting a safe, family-friendly environment for players to “pick up a stick” and play the game they love, or simply to show their support at the weekly games, is what makes them a standout in the local community as one of the longest-running clubs in Australia.

This writer had the pleasure of speaking with Toby, a long-time player, whose sights are set on the upcoming World Indoor Lacrosse Championships in Utica, USA, as one of five players selected from the Eltham Lacrosse Club to represent

Australia in September 2024. In Toby’s view, the dedicated support of his club members and fellow players truly shines through when one considers opportunities like these are solely funded by the club’s own fundraising activities. Throughout the many conversations this writer had with club members, the word “our” seemed to be repeated by each individual:

“Our players,” “our teams,” “our club,” “our community”.

Perhaps what is most surprising, however, is that Eltham Lacrosse not only exhibits a passion for its own club but also for the sport itself, with a strong emphasis on promoting respect for coaches, peers and opposition teams, pride in the sport and loyalty to the community it calls home.

The Eltham Lacrosse Club offers both Junior and men’s and women’s Senior teams — covering a range of ages, in both field and indoor lacrosse, promoting a firm statement the club is always open to anyone, of any skill, who is interested in the sport.

To find out more about becoming a member, a player, a sponsor, or if you just want to show some support to this local club, you can contact them at: president@elthamlacrosseclub. com.au

It is also worth noting with a proud 60-year history in the local area the Eltham Lacrosse Club is eagerly looking forward to its 60th Year Anniversary Dinner. We welcome all current and former players and their parents, spectators and committee members to join us at The Manningham Club on Saturday 20th July. Tickets available through the club webpage and Facebook: https://elthamlacrosseclub.com. au/events/eltham-lacrosse-club60th-anniversary-dinner/

For more information or to find out how you can show some support, please visit their website at: www.elthamlacrosseclub.com.au

We Have Expanded to Diamond Creek!

Morrison Kleeman is thrilled to announce the acquisition of Barry Plant Diamond Creek. This expansion marks an exciting milestone for us as we continue to grow and serve our community with dedication and professionalism.

We are delighted to introduce Daniel Brittain as the partner who will lead operations at our Diamond Creek office. Daniel will work alongside our current directors, Ciaran Brannigan, Rocco Montanaro and Craig Parker. With a wealth of experience and a passion for delivering exceptional service, Daniel is committed to

ensuring all your real estate needs are met with the utmost care and attention to detail. We are also thrilled to welcome three new members to our property management team: Jenny Hussey, Marilyn Walters, and Nicole Wiseman.

As our team continues to expand, our commitment to all our clients remains the same. We will continue to deliver our expertise in Sales, Property Management and Project/Developments.

We look forward to assisting you with your future property needs.

35 Nash Grove, Doreen - $1,105,000

1/5 Glengarriff Crecent, Montmorency - $1,422,000

32 Boger Road, Watsonia - $1,207,000

49 Cairns Street, Greensborough - $1,365,000 11 Amberley Way, Lower Plenty - $6,100,000

29 Diamond Views Drive, Diamond Creek- $1,472,000

Shalbury Avenue, Eltham - $1,426,000

23 Natasha Close, St Helena - $1,200,000

Snapshot of the Current Rental Market

The Morrison Kleeman property management department has shown remarkable growth and resilience over the past 12 months, exceeding the performance of the previous year. Our achievements reflect this upward trajectory, with a significant 25.9% increase in Renter Enquiries, totalling 19,183 enquiries received.

Moreover, 4,740 renters inspected our properties for lease, leading to the successful leasing of 248 properties. These statistics underscore a rising demand for rental properties within our market, indicating favourable

conditions for property owners and investors.

In addition to the increased demand, the average rent per week on properties leased has seen a substantial rise of 8.19% compared to the previous 12-month period, reaching an average of $537.00 per week. Despite this growth, the average days on the market have remained steady at 17.6 days, indicating a well-balanced market with consistent demand for properties and selection of quality Renters.

Our expansion with the opening of our 4th office in Diamond Creek and the addition of 3 new highly experienced property managers has strengthened our presence in the North East.

As the largest independent property management team in the north east, we pride ourselves on providing a truly local touch, with all our team experts residing in the north east and surrounding areas.

This expansion enhances our ability to meet the needs of both Rental Providers and Renters, further solidifying our position as a leading property management team.

Lucas Peressini Nick Dinakis Sash Buncic

Sam Pope

James Morrison Amanda McGibbon Luke El Moussalli

Malcolm Perkins Mark Walker Kate Cameron Phil Di Battista Sylvia Voelker Julie Cortese-James Eden Dillon

Carla Baglieri Shaun O’Rourke Lucy Brocksopp David Judge Dennis Langham Soul Suzuki Nikita Brittain

Samantha Kilby Alana Poorter

Daniel Brittain Daniel Leibowitz James Park Evan Sharp Emma Costick

Craig Parker Ciaran Brannigan Rocco Montanaro Peter Kleeman Graham Morrison Gayle Blackwood Alvy Buffon