Rising apartment sales have kept Moonee Valley’s property market shining through Melbourne’s market gloom
Moonee Valley has defied Melbourne’s property market downturn, and it has its burgeoning apartment market to thank.
A new Hotspotting report has named Moonee Valley as one of just four Melbourne municipalities to shine through the market doldrums.
Hotspotting’s latest Price Predictor Index looked at Melbourne’s 30 local government areas to identify suburbs with rising sales numbers, which indicate strong demand and looming price growth.
Hotspotting founder Terry Ryder says Moonee Valley, which is joined on the list by Darebin, Manningham and Nillumbik, has been “steady and mostly resilient” through the unstable market.
The area’s resilience has been driven by a growing appetite for apartments, with the report showing median apartment prices have grown 24 per cent in Ascot Vale, 16 per cent in Airport West and 11 per cent in Niddrie over the past 12 months.
“It has seen a rise through the Melbourne market recovery and a significant one at that – they are compelling numbers,” he says.
“Moonee Valley is attracting buyers and apartment prices are very affordable by Melbourne standards.
“It’s a good area, great transport, well connected, not far from the city, plenty of green spaces and full of good, solid suburbs.”
The other municipalities to make the grade are Darebin, Manningham, Nillumbik.
Mr Ryder says apartments are also leading the rapid recovery seen across Melbourne overall, making up 79 per cent of the 73 markets where median prices have risen annually.
The report also identifies Ascot Vale as one of the six “supercharged suburbs” of Melbourne where predictions are for “strong growth in the near future”.
Diamond Creek, Hampton, Moorabbin, Northcote and Wollert also make the cut of supercharge suburbs, which are defined as areas that have shown the strongest growth patterns over several consecutive quarters and are likely to deliver solid price growth moving forward.
Ascot Vale’s sales volumes have risen from 47 to 50 to 65 over the past three quarters, according to the Hotspotting report.
The report shows Ascot Vale has a median house price of $1.175 million and a median unit price of $640,000, while vacancy rates sit between 1-2 per cent.
“Median unit prices are almost half median house prices, when you have that disparity you are attracting (unit) buyers,” he says.
“The rental market is really tight, when you have strong rental demand and vacancy is low it equals a strong market.”