Methven 
House prices in Maroondah and the Yarra Ranges have followed the trend of inner suburb growth and remained strong. After prices peaked towards the end of 2018 we saw a slight drop in the median house price in the first 6 months of 2019. This was followed by steady growth until prices peaked again in the first quarter of this year. Traditionally over the winter period we see less homes on the market and this combined with the COVID-19 restrictions has created a market where demand has outweighed supply.
Most suburbs in the Maroondah and Yarra Ranges have seen an approximate reduction in the median sale price between two and four percent over the second quarter of 2020 although some as you will note did record an increase in the median price. See below to check how your suburb performed.
| MAROONDAH Croydon – $750,000 (-0.9%) Croydon Hills – $923,000 (-6.1%) Croydon North – $995,000 (+20.6%) Ringwood – $903,000 (+0.9%) Ringwood East – $905,000 (-0.3%) Bayswater North – $698,000 (-6.9%) |
YARRA RANGES Kilsyth – $673,000 (-5.7%) Montrose – $725,000 (-0.7%) Mount Evelyn – $680,000 (-3.7%) Mooroolbark – $710,000 (-2.7%) Lilydale – $708,000 (-6.8%) Yarra Glen – $698,000 (+6.5%) Chirnside Park – $788,000 (+3.3%) Seville – $638,000 (+1.2%) |
With supply still at a low and restrictions still in place it will be interesting to see how much demand there is and what influence that has for the remainder of the year.
A couple of notable highlight sales were:
Selling for $1.85 million, 19 Marven Court, Lilydale CLICK TO VIEW Selling for $800,000, 56 Plymouth Road, Croydon CLICK TO VIEW
It is our expectation that at this point values should remain steady but the real test for the economy and market as a whole will be end of September when businesses have to re-qualify for the JobKeeper payment, and depending on what restrictions are still in play to deal with the pandemic. If you are considering selling, be sure to read our article attached in the newsletter titled: The Big Question – Should I Sell Now or Should I Wait?
To find out the value of your home CLICK HERE
