REIV statistics for median house prices were recently released for the September quarter and they show a slight softening of the market, yet still strong overall growth and demand for the Maroondah & Yarra Ranges area. The Spring real estate selling season is well and truly upon us as we head into the end of November. Whilst September had significantly less homes on the market in the lead up to the AFL Grand Final, October saw a 50% increase in stock levels for the 3136 postcode (all Croydon Suburbs) compared to October 2016. This is great news for buyers as they have a lot more choice than they’ve had all year! . While annual growth figures indicate strong popularity across the region, Chirnside Park and Ringwood East both lead the pack with 21.6% and 22.5% respectively. From a quarterly perspective Wonga Park and Ringwood East show positive growth at 14% and 13.2%.
Due to the huge increase in properties on the market, we have seen a slight decrease in average open home numbers, which is well expected when you have a 50% increase of homes coming onto the market. Most properties are still flying off the shelf within three weeks with generally 2-3 offers or bidders competing at auctions for each property.