38 Dowding Close, Fawkner is listed for sale with a $760,000-$835,000 asking range.
Melbourne home prices grew the most of any capital city in October, indicating a potential turning point in the market after six months of falling property values.
PropTrack’s latest Home Price Index showed the city’s median home price rose 0.49 per cent to $793,000, with a typical house rising by 0.56 per cent to $909,000 and a standard unit increasing by 0.11 per cent to $608,000.
However, Melbourne remains the worst-performing property market annually of all the state and territory’s major hubs, with prices dropping by 1.49 per cent in the year to October.
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The city’s typical unit value also sits below Brisbanes, regional Queenslands, ACTs and Adelaides, which notched past Melbourne in September.
PropTrack senior economist Eleanor Creagh said it made sense buyers were starting to take advantage of Melbourne’s relative affordability.
“It’s possible that we have reached that turning point,” Ms Creagh said.
“We’ve only seen one month of price rises, so it kind of remains to be seen as to whether this trend is going to continue over the coming months.”
The three-bedroom house at 2/2 Sumersett Ave, Oakleigh South is listed with a $785,000-$860,000 price tag.
She added that prospective purchasers were also making the most of increased supply in the market, with the idea that interest rates could drop next year.
Real Estate Institute of Victoria (REIV) chief executive Kelly Ryan said there was a feeling of stability in Melbourne considering high interest rates and challenging economic conditions households were facing, despite the slight reduction in property prices in the past year.
“Looking ahead, there’s cause for optimism in the market with transaction volumes strong and policy support for supplying new homes for Victorians,” Ms Ryan said.
“However, for a stronger housing ecosystem and real estate market in Victoria, we urgently need policy measures that ensure our property market is attractive for long-term investors, who will play a key role in supplying housing for Victorians.”
Melbourne house price changes in October 2024. Source: PropTrack
Buyer’s agent Emily Wallace said the uptick in Melbourne’s home prices in October was a turning point in the market after a slow year, partly as a result of property investors selling up.
But once interest rates dropped, Ms Wallace said this would springboard home values into action.
“I think the last quarter of 2024 will be looked upon as a good time to have bought, potentially 2025 being a lot more hectic,” she said.
The two-bedroom house at 2 Waiora Parade, West Footscray is listed with a $750,000-$800,000 price guide.
She added that she’d seen a significant increase in families trying to purchase a property in top school zones, as well as upsizers in time for Christmas.
PropTrack research revealed a typical home in Melbourne’s south eastern suburbs rose by 0.66 per cent to $787,000 in the past year — the biggest rise of any area across the city.
Ms Wallace said generally speaking, many people who were buying residences in that area were born and raised there, whereas on the other side of town, there tended to be a lot more migration.
“It’s really honed in on for a lot of people to buy in that particular pocket to be close to family and friends,” she said.
“There’s a lot of top performing schools in the south east that’s probably driving a fair bit of traffic that way as well.”
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