Melbourne home values: banks predict Melbourne prices will increase up to 9.4 per cent into next year – Beragampengetahuan

The house at 3 Chrystobel Cres, Hawthorn, sold for $1.9m above expectations.

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Australia’s big four banks are tipping modest rises of up to almost 10 per cent in Melbourne home prices across the next 16 months.

The ANZ is most cautious, predicting dwelling values will fall less than less than 0.5 per cent by 2023’s end and grow 1 per cent in 2024.

Westpac is expecting a 3 per cent increase for the reminder of this year and another 4 per cent in 2024.

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CBA’s figures hint at a 3 per cent rise before December 30, followed by a 6 per cent jump in 2024.

NAB is the most bullish, tipping a 2 per cent growth by the end of this year on the heels of a 7.4 per cent rise next year, equalling a total 9.4 per cent surge.

The news comes as PropTrack figures show Victoria recorded a preliminary 68.3 per cent clearance rate this week from 435 early auction results.

Melbourne has a $875,000 median house price.

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According to PropTrack, Melbourne has a $875,000 median house price and $595,000 median unit price.

Ray White chief economist Nerida Conisbee said home prices would be “a bit wobbly” for the rest of the year, but were likely to rise in the new year – especially if interest rates were lowered.

“There’s a lot of properties coming to the market at the moment and that’s coincided with the mortgage cliff, which the CBA have said will peak this month,” Ms Conisbee said.

Ray White chief economist Nerida Conisbee. Picture: Tertius Pickard

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Wakelin Property Advisory director Jarrod McCabe said not only would the clearance rate have to lift for the more positive projections, but interest rates would need to be cut.

“And to see those growth figures it would need to be more than a quarter per cent,” Mr McCabe said.

“Probably 0.5-1 per cent to get to almost 10 per cent growth.”

He was confident the ANZ’s 1 per cent growth forecast would be met and exceeded, based on what was happening in the auction market today.

Barry Plant chief executive Mike McCarthy.

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Barry Plant executive director Mike McCarthy said if the federal government’s recently-announced target of building 1.2 million new homes over five years from 1 July, 2024 was successful “it would inject a certain level of confidence back into the housing sector”.

“There’s still big issues to address in terms of both labour and materials, it’s not just a matter of addressing long planning processes and cutting back on red tape,” Mr McCarthy said.

3 Chrystobel Cres, Hawthorn, sold for $7.4m on Saturday.

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Designer light fittings are a striking feature.

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The kitchen has Miele appliances, white stone benches and a butler’s pantry with a bar fridge and Zip tap.

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One of the wekeend’s top results was a renovated circa-1890s four bedroom house at 3 Chrystobel Cres, Hawthorn, which sold for $7.4m.

The four-bedroom house sold for $1.9m higher than its $5m-$5.5m asking price’s upper range.

Marshall White director and auctioneer Hamish Tostevin said the result “exceeded our and the owner’s expectations”.

“There were two bidders and a family bought it,” Mr Tostevin said.

“We thought it would be competitive, but not that competitive.”

Featuring a pool, vine-covered pergola and barbecue outdoors, the property also has

an office with a fireplace, a butler’s pantry off the kitchen, 3.6m-high ceilings and a 20,000L underground water tank.

Marshall White’s Désirée Wakim had the listing.

38 Power St, Balwyn, attracted four bidders.

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Inside the home, which was sold by investors.

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About 5km away, four bidders drove a house at 38 Power St, Balwyn, to sell for $3.2m, a figure $120,000 above the $3.08m reserve.

Ray White Balwyn’s Helen Yan said the auction’s winners, a family, intend to knock down the existing home and build their dream property.

“The market has been very tough at the moment, things are definitely taking a lot more work at the moment but we got this one sold and the vendors are very happy with the result,” Ms Yan said.

The Canterbury apartment has a kitchen with Carrara marble surfaces, a window-lit walk-in pantry and Miele and Bosch appliances in the kitchen.

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The views are pretty impressive.

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And a “luxurious” three-bedroom apartment at 302/2 Gascoyne St, Canterbury, fetched $2.36m under the hammer.

The sum was $360,000 above the $2m reserve.

Kay & Burton’s John Bradbury said two bidders vied for the keys.

Additional reporting by Nathan Mawby

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