NEWS AUTUMN 2017
CELEBRATING 26 YEARS OF SERVICE IN THE DIAMOND VALLEY The outlook for buying, selling and investing in 2017
AUTUMN
MARKET REPORT
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oming off the back of another record breaking year in the Melbourne property market in 2016, we have seen the start of the New Year open with a further increase in median house prices across the state. In Melbourne, the median house price currently sits at a record high $770,000 – an increase of 4.6% from the year before. Property experts predict that in 2017 we can expect to see encouraging buyer interest due to lower stock levels, record low interest rates and strong population growth. At the end of 2016, listings picked up in the month of December and auction sales
WELCOME TO THE AUTUMN EDITION OF THE MORRISON KLEEMAN PROPERTY REPORT.
were the highest on record. According to the REIV CEO Gil King, “we expect this to carry over to the March quarter, although the residential property market slowed in most states in 2016, Victoria’s market defied this trend and its strong economic indicators would indicate that the housing market is likely to remain solid in 2017.”
11.7% over the last year and is sitting at $743,806. In Doreen, the median is $550,000, a solid 8.4% increase since December 2015. With continuous strength in buyer confidence, we expect that median house prices across the Diamond Valley will continue to increase throughout 2017, at a slightly more moderate rate than the year before.
In Eltham the median house price has increased 11.9% since December 2015 to reach a staggering $890,000. Similarly, Montmorency has a median price of $850,000 – 10.6% higher than the September quarter and Greensborough’s median house price has increased
The REIV has reported that in 2017, the top 10 suburbs to watch include Montmorency and Mernda. Montmorency has seen strong growth consistently over the last two years and a clearance rate of 81% recorded in the year to September 2016. Montmorency is likely to benefit
from the ripple effect of buyers looking for value further from the city. Similarly, in Mernda buyers are flocking to this suburb for value for money in outer north east suburbs. The infrastructure improvements including a rail extension from South Morang is likely to result in further growth in 2017. After the quiet holiday period following Christmas and New Year, auctions have started to ramp up again. This year we are expecting to continue to see high clearance rates across the state and more auctions than the year before. The week ending 5th February 2017 had 270 auctions – 6 more than the same weekend in 2016.
The market has remained strong and consistent for investors and landlords, with vacancy rates next to none in the Diamond Valley and median house rents of $420 per week. If you’re currently looking to buy, sell or invest in the area, please contact our experienced team today. We are more than happy to assist with any of your local real estate needs. Kind Regards, Peter Kleeman
NOTABLE LOCALS PEOPLE AND PLACES OF NOTE IN THE DIAMOND VALLEY
THEATRE 451
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ringing independent theatre into the Northern Suburbs, Theatre 451 is a community run company that produces both new and known works of Australian and International theatre. Founder Lisa Inman explains that the goal is to “create new work, support theatre makers and writers in an organisational capacity, and provide accessible, affordable theatre to the community.”
Discover a range of live works including some with controversial and provocative topics that make you think. You can subscribe for a full season ticket for just $100. “I think our work has a positive benefit to the local economy. We know that in 2016, 39% of our audience travelled to Hurstbridge from outside the shire, and 59% of the audience dined locally,” Lisa said. So contribute to the community spirit and enjoy unique, live performances in the comfort of your backyard! Theatre 451 exposes the Northern Suburbs to raw talent in a comfortable place to watch and perform.
The company was founded in 2013 and over the last four years has presented intriguing and well-attended shows. “We’ve pretty much sold-out every show we’ve done. By the end of this year we will have produced or facilitated 38 productions in four years,” Lisa said. Theatre 451 brings to life the work and passion of theatre makers, writers and actors by telling new stories and engaging the audience in the action that is unfolding in front of them. This year, Theatre 451 is running six shows in 12 months at ‘The Hut’ at 31 Cherry Tree Road in Hurstbridge. The first show opens on the 3rd of March with the full program available on the company’s website. Two of the shows this year have been funded by The Australian Government’s ‘Regional Arts Fund,’ which aims to give all Australians, wherever they live, better access and opportunities to practice and experience the arts. “We were one of nine organisations to receive funding and it’s a very competitive round – this makes us smile and I can’t wait to see what happens with the two works – Boat People by Joanna Griffiths and Brotherly by Dominic Weintraub,” Lisa said.
SOURCE REFERENCE: CHRIS BUTLER
TABLES ON THE GREEN
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esidents in Melbourne’s Northern suburbs are treated to a new range of culinary delights with Greensborough Plaza’s new ‘Tables on the Green’ casual dining precinct. Open since December 2016, the precinct includes six new restaurants – Groove Train, Schnitz, Dumpling Chef, Fukutontei Ramen, Flame 400 and Degani. HOYTS cinema has also gone through a transformation and now boasts brand new powered recliners in every cinema plus a Ben & Jerry’s Scoop Store. For a range of delectable new dining options, and a cinema experience like no other in the Diamond Valley, check out the newest development in Greensborough and take a look for yourself at all the exciting new improvements!
SOURCE REFERENCE: GREENSBOROUGH PLAZA
PLAZA
SECOND HOME
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ong time restaurateur Jason Jones has graced the northern suburbs with his signature inner city charm. His newest cafe ‘Second Home’, owned with local operators Catherine Westwood and Owen Smythe is serving breakfast, brunch and lunch, seven days a week in leafy Eltham. Housed in an early 1970’s building, originally designed by the renowned local architect, Alistair Knox - the space has been renovated to create an atmosphere that is unique to Eltham. “We opened the cafe in September 2015. Before this the space was used as a tractor mechanic, antique and brick-a-brack trader and an art gallery with adjoining tea house,” Catherine said, “we believe that we have brought a fresh and lively addition to a fairly tired end of the industrial pocket of Eltham.” The existing architecture allows light to flood in through the clerestory windows, and the tips of gum trees frame the space. The walls are adorned with Melbourne artist, Chris Pennings’ beautiful work, and the modern furnishings transform the old building into a fresh, eloquent space.
SOURCE REFERENCE: SECOND HOME
Designed seasonally by head chef Lachlan Fletcher, the menu boasts a combination of breakfast favourites and cafe staples, served from open to close. A must try at the restaurant is the eggs benedict - ham hock slow braised in master stock atop a crispy potato stack with soft poached eggs, apple cider hollandaise and garden fresh herbs. The lunch menu features a small yet considered selection using local and seasonal produce designed to appeal to those wanting something more substantial. Second Home is fully licensed, serving a range of cocktails, beers and wines. You can even delight in a glass of French bubbly. It’s easy to miss this gem, hidden in Eltham’s back streets. However, don’t be fooled by the secluded location. Locals are flocking to this popular spot with its delectable eats and busy urban vibe.
WHAT’S ON IN
THE DIAMOND VALLEY
A SELECTION OF THE MANY WONDERFUL EVENTS RUNNING IN THE LOCAL AREA OVER THE COMING WEEKS.
SOURCE REFERENCE: SALLY HOWELL
THE ARTISTS OPEN STUDIOS
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wice a year, artists of the Nillumbik Shire open their studios and invite you to
take a rare glimpse into their creative environments. For the past 29 years, the Artists Open Studios program has given community members the privileged opportunity to step into the heart and soul of an art studio. With 33 artists presenting across 24 studios in Nillumbik this autumn, it is your chance to take a journey through The Artisan Hills which is steeped in artistic culture. Join in the sense of community and openness and experience firsthand the unique personal narratives of each of the local artists. With art available to purchase from each studio, be captivated by the talents of artists who have been exhibited across the globe; from Europe, the US and Asia, as well as nationally across Australia.
ADDRESS PLEASE VISIT: www.artistsopenstudios.com.au/artist-openstudios-map/ DATE SATURDAY 6TH & SUNDAY 7TH MAY COST FREE
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ADDRESS PLEASE VISIT: www.nillumbik.vic.gov.au/openfarmday DATE & TIME SUNDAY 2ND APRIL 10:00AM TO 4:00PM COST FREE
OPEN FARM DAY
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pen Farm Day is your chance to visit working farms and meet local farmers. This year is set to be bigger than ever with farms from Nillumbik, Whittlesea and the Kinglake Ranges opening their gates to showcase farming on the fringe. You will find a range to visit including fruit and veggie farms, livestock and animal farms, orchards and vineyards. Choose where you want to visit to make your own Open Farm Day trail and experience tours, demonstrations, animals, product tastings and more! Find out more and get an Open Farm Day trail map to start planning your adventure at www.nillumbik.vic.gov.au/openfarmday
FUNFIELDS SOURCE REFERENCE: SILVI GLATTAUER
SOURCE REFERENCE: SHUTTERSTOCK
SOURCE REFERENCE: MARLINE MYBURGH
TWILIGHT SOUNDS
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he City of Banyule’s flagship music event, Twilight Sounds, is returning in March for what is set to be another fantastic evening under the stars. The free, family friendly festival presents live Australian musicians playing through the night in the beautiful setting at Warringal Parklands. Enjoy something to eat from the array of onsite food trucks and relax as the sun goes down to the sound of great local and popular music. There will also be a creative art tent for kids, so join the community for a night of fun on the banks of the Yarra River.
SOURCE REFERENCE: SHUTTERSTOCK
ADDRESS WARRINGAL PARKLANDS BEVERLY ROAD HEIDELBERG DATE & TIME SATURDAY 18TH MARCH 6:00PM TO 10:00PM COST FREE
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RECENT SALES A SELECTION OF SOLD PROPERTIES
2 Wakefield Close Eltham North $870,000
30 Onkara Court Eltham $927,000
39 Warren Avenue Yarrambat $2,300,000
33 Ballam Way Doreen $800,000
5 Eucalyptus Road Eltham $1,520,000
50 Downey Drive Doreen $1,375,000
49 St Clems Street Eltham North $931,000
198 Main Road Lower Plenty $1,050,000
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38 Melliodora Crescent Greensborough $1,670,000
6 Jalna Court Eltham $2,200,000
16 Citriodora Court Diamond Creek $810,000
7 Hebden Street Greensborough $1,132,000
13 Woodstock Drive Doreen $771,000
24 Rural Place Doreen $1,430,000
22 Cockatiel Place Diamond Creek $1,210,000
4 Myra Close Montmorency $830,000
The MK difference Morrison Kleeman offers the highest quality property management service in the North Eastern Suburbs. From leasing the property to long term management, you can be sure our team is taking all the measures to provide you with the most dynamic and responsive service. We diligently maintain our prospective tenant database which enables us to lease your property faster. We conduct both private inspections and open inspections, to generate as much interest as possible. Your property is advertised on seven different websites to maximise exposure along with a minimum of four high quality photos to draw appeal - leasing your property is our number one priority. Once your property is leased, we ensure it is kept to the highest of standards. We proactively manage your property and conduct extremely thorough half yearly condition reports and routine inspections. We always provide you with open and honest feedback and make sure we are never too busy to get problems sorted straight away. We understand property management at Morrison Kleeman, and look after your tenant so they look after your property!
Interest rates stay low We hope you have enjoyed a fantastic summer and are all ready for another exciting year as things start to heat up in the Australian property market! The Reserve Bank of Australia (RBA) met on February 7th for its first meeting of 2017 and has elected to keep the official cash rate on hold at 1.5 per cent yet again. Meanwhile, many lenders have been adjusting interest rates outside of RBA movements. Since December, some have lowered their rates on owner-occupier loan products, whilst increasing their rates on fixed term loan products particularly for longer three or five year terms. This had led analysts to speculate that the bottom of the market has now passed on fixed rate products. However, just because the RBA has not moved on rates this month, doesn’t mean you can’t! There are some very low interest rates available at present and conditions are improving for property investors, so get in touch with us today if you’re looking to refinance or need a new loan for any purpose. If you would like a free home loan health check please contact: Daniel Hustwaite Aqua Financial Services. Phone: 0408 985 611 Email: dhustwaite@aquafs.com.au
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MEET
THE TEAM What got you started in real estate? I’ve always been interested in property/architecture, I’d also consider myself quite a sociable person, so after having a few family members work in the industry, real estate was always in the back of my mind. After studying journalism/marketing/PR at Latrobe, I realised that a transition into real estate was the avenue I wanted to go down! You’re quite a foodie, what is your favourite local restaurant? I’m happy to travel almost anywhere for good food/coffee, but I’ve found locally I can’t go past Second Home (Eltham) – some fantastic breakfast/brunch options, and always a great coffee (grab a loaf of fresh baked bread on your way out too!)
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JAMES NEWTON
LICENSED ESTATE AGENT 0421 733 914 jnewton@morrisonkleeman.com.au
What do you love about working at Morrison Kleeman? The people that make it such a great place to work, the culture within definitely is that of a family environment, with a strong support network. From a client perspective, being an independent agency allows us to be responsive, progressive, and to really take the needs of the client into focus.
What are your hobbies outside of work? All types of fitness activities, bike riding, running and going to the gym. I love living in Melbourne and enjoy the variety of things to do when catching up with friends and family. What do you enjoy about property management? I enjoy providing a professional and friendly service to clients and honest feedback to both landlords and tenants. I believe that working in property management means being proactive – “not just waiting for things to happen”. One of my goals I strive to is having every property occupied profitably. Where do you think is the best place to get a coffee in Eltham? The best place to get coffee for me is “The Main Café Bar & Restaurant.”
RAE BARKER
PROPERTY MANAGER 9431 2444 rbarker@morrisonkleeman.com.au
What do you love about the Diamond Valley area? I’ve lived most of my life in the area and all of my friends are from here. Having recently spent some time living in Greece it’s been great to come back and see new cafes and restaurants opening up which makes catching up with people really easy! I’m also a huge fan of sports and love playing 18 holes of Golf at Yarrambat with a few of my colleagues in the office.
NICK DINAKIS
LICENSED ESTATE AGENT 0410 742 804 ndinakis@morrisonkleeman.com.au
What do you enjoy about real estate? Every moment is different and always keeping you on your toes. Every day you are speaking with interesting people who each have their own unique story. I think working in the Diamond Valley is amazing in the sense that we have opportunity to sell anything from a 20 acre rural property, through to a multi-unit development. I’ve had the privilege of being with Morrison Kleeman since 2013 and have been fortunate enough to work alongside Director Graham Morrison for a few years. The team here has become like family and it’s a pleasure coming to the office every day.
Editorial by : Ellee Pitman Cover image : Marvelle Photography Town Square, 20 Commercial Place ELTHAM VIC 3095 Phone 9431 2444 Fax 9431 2650 2/86 Grimshaw Street GREENSBOROUGH VIC 3088 Phone 9435 7666 Fax 9435 7677 3/101 Hazel Glen Drive DOREEN VIC 3754 Phone 9717 8780 Fax 9717 8816
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