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Figure 1. REIV RMX property index.
When assessing the property market in Melbourne’s eastern corridor, it is important to delve beyond the broad strokes provided by the REIV RMX. By examining sales data from 17 carefully selected suburbs, grouped according to their attraction to the Asian community, we can gain a more nuanced understanding of the market conditions. This article presents key findings from the analysis, focusing on auction success rates, price growth, market stability, and the influence of the Asian community.
To assess the property market in Melbourne’s eastern corridor, we categorized the 17 suburbs into three groups based on their degree of attraction to the Asian community:
Group 1: Forest Hill, Mitcham, Nunawading, Ringwood, Wantirna, Wantirna South, Wheelers Hill
Group 2: Ashburton, Camberwell, Glen Iris, Hawthorn, Hawthorn East, Malvern East
Group 3: Balwyn, Balwyn North, Doncaster East, Glen Waverley
Attraction ranking: Group 3, Group 1, and Group 2
To obtain a comprehensive overview, we collected sales data spanning from 13th May to 25th May. It is worth noting that the auction success rate, including properties sold on the day and those sold before auction, serves as a valuable indicator of market conditions.
Group
1 |
Group
2 |
Group
3 |
||||||
Auction
success rate |
86% |
83% |
95% |
|||||
Auction
success on the day |
86% |
89% |
94% |
|||||
Auction
vs all sales |
86% |
85% |
83% |
Without showing the sales results, here are the key findings:
Auction Success Rate: Examining the auction success rates for each group, we observe the following:
2. Auction Results and Price Growth: An intriguing pattern emerges when evaluating the auction results in relation to indicative selling prices:
By scrutinizing sales data from 17 suburbs in Melbourne’s eastern corridor, we have gained valuable insights into the property market. Group 3 emerges as the top performer, boasting high auction success rates and robust price growth. Group 2 shows signs of market stabilization, while areas with a stronger attraction to the Asian community exhibit better market performance. These findings provide a deeper understanding of the nuanced dynamics within Melbourne’s eastern corridor property market.
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