Morrison Kleeman EOFY Report 2024 by remagazines

MK Report

END OF FINANCIAL YEAR 2024

A Word From Peter Kleeman

As we enter the new financial year, we continue to witness robust growth in buyer demand across all price ranges. This trend is largely driven by the limited supply of properties and ongoing population growth.

Despite the interest rate hikes of 2023, buyers have adapted, and the stabilisation of rates — with potential decreases anticipated in the final quarter of 2024 — keeps the demand for properties strong.

For sellers considering a spring sale, now is the perfect time to start preparing your home for the market. However, if you’re ready to list your property now and are contemplating waiting until spring, it might be beneficial to sell over

the winter. During this time, there’s typically less competition, allowing you to capitalise on the current strong buyer interest. The market has demonstrated consistent growth as we near the mid-year mark, with sales volumes surpassing those of the previous year. We are particularly seeing high demand for homes that are move-in ready and well-located.

If you’re thinking about selling and need advice on how to maximise your sale price, please don’t hesitate to contact one of our experienced real estate professionals.

Peter Kleeman

A Comprehensive Review

As we close another financial year, it’s essential to reflect on the dynamics that have shaped the Melbourne real estate market. Amid fluctuating economic indicators and changing consumer sentiments, Melbourne’s property landscape has demonstrated resilience and offered new opportunities for investors, homeowners, and developers.

Market Trends and Performance

The Melbourne real estate market has experienced a period of adjustment over the past year. After the highs of the previous years, we’ve seen a stabilisation in prices across most suburbs, with a more pronounced cooling in the inner-city areas. However, the northeast suburbs have shown notable growth, driven by their community feel, green spaces, and good connectivity, making them highly desirable for families and professionals.

Sales Volume and Prices

Despite broader economic shifts, Melbourne’s real estate market has seen a modest increase in sales volume, with the northeast suburbs like Eltham experiencing demand and properties often selling above the asking price. The rise in remote working has especially boosted these areas, where buyers are drawn to the community-centric lifestyle, ample natural spaces, excellent schools, and well-connected transport networks. Ongoing development and upgrades, such as those at the Eltham Town Centre, along with enhanced parklands and walking trails,

continue to make these suburbs highly appealing to families and outdoor enthusiasts.

Investment and Development

Investment activity has remained steady across Melbourne, with a sustained interest in both the urban core and the expanding fringes. The northeast has attracted attention not only for residential properties but also for new commercial developments, reflecting confidence in its growth potential. Developments in these suburbs are increasingly incorporating sustainability and smart technology, appealing to a forward-thinking demographic.

Looking Ahead

As we look forward to the 2024-2025 financial year, the general Melbourne market is expected to see a gradual increase in property values, supported by economic recovery and ongoing population growth. The northeast suburbs, with their mix of lifestyle benefits and connectivity, are particularly well-positioned to benefit from these trends. Infrastructure projects such as enhancements to local transport networks will further boost these areas’ desirability.

This review aims to provide a snapshot of the past year’s trends across Melbourne while giving special attention to the dynamics within the northeast suburbs, helping guide our clients through the complexities of the real estate market. For more personalised advice and detailed insights, we invite you to contact our team at Morrison Kleeman.

“… buyers are drawn to the community-centric lifestyle…”

End of Financial Year Suburb

Median Price Movements

A Selection of Outstanding Sales

Lower Plenty

11 Amberley Way

5 A 5 B 12 C

Sold $6,100,000

• Second highest sale price for the suburb.

Eltham

10 Valley Park Grove

4 A 2 B 2 C

Sold $1,850,000

• Sold after one open for inspection.

St Helena 22 Tyrone Court

5 A 2 B 2 C

Sold $1,680,000

• 71 Groups inspected the property.

• Received 3 offers.

Kangaroo Ground

20 Kings Road

5 A 2 B 1 C

Sold $1,950,0000

• Achieved a sale price $150,000 above the highest estimate.

• Received 4 offers.

Greensborough

49 Cairns Street

3 A 2 B 2 C

Sold $1,365,000

• 71 Groups inspected the property.

• Sold after only 9 days on the market.

• Achieved a sale price $115,000 above the highest estimate.

Doreen

9 Holmwood Crescent

4 A 2 B 4 C

Sold $1,297,000

• Achieved a sale price $97,000 above the highest estimate.

• 60 Groups inspected the property.

Diamond Creek

15 Fyffe Street

3 A 2 B 2 C

Sold $1,296,400

• Received 7 offers, 4 above the range.

• Previously sold through another agent two years ago for $1,120,000.

• 45 Groups inspected the property.

Greensborough

54 Sainsbury Avenue

4 A 2 B 3 C

Sold $1,610,000

• Set a new benchmark in this Greensborough pocket.

• Achieved a sale price $110,000 above the highest estimate.

Montmorency

23 Sylvan Street

4 A 3 B 4 C

Sold $2,100,000

• Sold after two opens with 44 groups inspecting the property.

• Achieved a sale price $50,000 above the highest estimate.

Eltham

2 Shalbury Avenue

4 A 2 B 2 C

Sold $1,426,000

• Achieved a sale price $76,000 above the highest estimate.

• Sold in 7 days with 27 groups inspecting the property.

We Welcomed 18 New Team Members!

Daniel Brittain Partner David Judge Licensed Estate Agent

Dennis Langham Auctioneer / Licensed Estate Agent

Nikita Brittain Executive Assistant to Daniel Brittain

Soul Suzuki Sales Consultant

Vanessa O’Connell Sales Consultant

Alana Poorter Sales Consultant

Evan Sharp Sales Consultant

Madison Higgins Diamond Creek Reception / Sales Support

Shelley Foster Eltham Reception / Sales Support

Karen Clements Accounts / Sales Support

Jacki White Doreen Reception / Sales Support

Nicole Wiseman Senior Property Manager

Jenny Hussey Property Manger

Marilyn Walters Property Manager

Rosetta Stavris Leasing Consultant

Melissa Shine Property Manager Zoe Hudson Property Management Assistant

A Message From the Rental Department Manager

The Morrison Kleeman Property Management department leases and manages properties across the North Eastern suburbs of Melbourne, including Balwyn, Doncaster, Heidelberg, Northcote, Lower Plenty, Yallambie, Watsonia, South Morang, Mernda, Whittlesea, Wattle Glen, and Hurstbridge. Our dedicated team of 19 professionals, many with over 15 years of experience in property management, is committed to delivering the highest level of customer satisfaction. This dedication ensures our Residential Rental Providers receive consistent, high-quality service and professionalism.

Over the past financial year, Morrison Kleeman has demonstrated continuous growth and resilience, surpassing the performance of the previous financial year. Our achievements highlight a positive trajectory, marked by a notable 33.7% increase in renter enquiries, totalling 20,359 enquiries received. Additionally, 4,901 renters inspected our properties for lease, resulting in the successful leasing of 248 properties for the financial year. These statistics underscore a sustained demand for rental properties within our market, indicating solid conditions for property owners and investors.

Furthermore, the average rent per week for leased properties has seen a steady rise of 7.9% compared to the previous 12-month period, reaching an average of $543.00 per week. This increase has contributed to a slight reduction in the average number of days properties are available for lease, an average of 17 days. These trends indicate a well-balanced market with consistent demand for properties and a selection of quality renters.

Our expansion with the opening of our 4th office in Diamond Creek and the addition of three new experienced Property Managers has strengthened our presence in the North East, as one of the largest. independent property management team. We pride ourselves on providing a truly local touch, with all our team experts residing in the North East and surrounding suburbs. 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.

Natalie Lamers

Summary of Community Engagement and Sponsorships

In this financial year, we are proud to have taken on four new sponsorships, demonstrating our commitment to supporting local sports and community initiatives.

Our new partnerships include:

• Eltham Lacrosse Club

• Heidelberg Football Club

• Eltham North Jets Basketball Club

• Diamond Creek Basketball Club

Ofﬁce Expansion

This financial year has also seen significant growth and exciting changes within our company.

We are delighted to announce the opening of our new office in Diamond Creek, further expanding our presence and enhancing our ability to serve the local community.

In conjunction with this expansion, we are pleased to welcome Daniel Brittain as a partner of the Diamond Creek office. Daniel brings a wealth of experience and a deep understanding of the local market, making him a valuable addition to our leadership team. His expertise and commitment will undoubtedly contribute to the ongoing success and growth of our Diamond Creek office.