A local property market report for Croydon and Melbourne's Outer Eastern Suburbs, covering supply constraints, price resilience, rental growth, and selling strategy.
This is a local property market report for Croydon and Melbourne's Outer Eastern Suburbs, produced by Woodards Croydon directors Joe Anto, Wendy Steel and Tony Smith. It is aimed at homeowners and investors considering selling or buying in the area, with a focus on current supply and demand conditions.
The report opens by noting that the local market stayed flat through winter, while Melbourne overall fell 7.4% according to the Real Estate Institute of Australia. It attributes the Outer East's stability to exceptionally low stock levels, with demand continuing to outweigh supply, and notes a shift from public auctions to private sales.
It then covers rental conditions, reporting vacancy rates around 1% and continued upward pressure on weekly rents. The text also discusses how some investors are selling rental properties due to state property tax changes, and advises sellers to consider listing before the spring rush when listings typically increase.
A section on capital growth compares owner-occupier dominated suburbs with investor-heavy areas, citing Cotality data. Over 16 years, owner-occupier suburbs saw 136% house growth and 99% unit growth, versus 117% and 65% in investor areas, a difference of $148,000 in capital gains. It also mentions national rental listings down 16.7% and vacancy rates at 1.6%.
The report closes with practical advice on preparing a home for sale, emphasising that cosmetic updates often deliver better returns than major renovations. It lists small improvements agents consistently see influencing buyer perception, though the text cuts off mid-sentence.
Overall, the document is a concise market update for a specific suburb, blending local observations with national data to support a recommendation to sell sooner rather than later. It is written for property owners, not as a general real estate guide.