Property Of The Week: 1 Elm Grove, Balaclava, VIC
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Property Of The Week: 1 Elm Grove, Balaclava, VIC

A stylishly renovated residence in Melbourne’s southeast.

By Kanebridge News
Wed, Jul 7, 2021 4:32pmGrey Clock < 1 min

Arriving in charming fashion is this stylish Edwardian residence in the southeast Melbourne locale of Balaclava.

The combination of period perfection and complete contemporary function comes this renovated 3-bedroom, 1-bathroom, 3-car parking home, providing family-sized space on an enviable 272sqm plot.

Enter through the façade, through to the double-fronted environment with free-flowing living areas and timber floorboards underfoot that lead to the unfolding large undercover alfresco area.

It’s here, in the aforementioned free-flowing living area that the kitchen resides featuring stone benchtops, Bosch cooking appliances and NEFF dishwasher features plenty of soft-close cabinetry.

From here, the alfresco area is built to entertain with low maintenance landscaping and a ceiling fan above.

Elsewhere the residence houses three spacious bedrooms – all boasting period high ceilings, built-in robes and fireplaces.

Other features include a luxuriously appointed bathroom with a freestanding bathtub, a laundry with plentiful storage, the north facing feature garden and three off-street parking spots.

The home is a walk to leading schools such as Caulfield Grammar, Ripponlea Village, trams and trains and only 10km from Melbourne CBD.

The listing is with Paul Sibley (+61 403 325 423) of Buxton Real Estate Port Phillip and is headed to auction Saturday, 24 July. Price guide; $1.5-1.575 Million,

Buxton.com.au



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The two Australian states where it’s a buyers’ market

Property values have experienced strong growth around the country, but there are two highly desirable areas where oversupply is putting downward pressure on sales

By Bronwyn Allen
Tue, Jun 18, 2024 2 min

While property values are rising strongly in most markets across Australia, it’s a vastly different story in Victoria and Tasmania, new data from CoreLogic shows. Over the 12 months to May 31, the median house price lifted just 1.8 percent in Melbourne and fell 0.6 percent in regional Victoria. The median dipped 0.1 percent in Hobart and ticked 0.4 percent higher in regional Tasmania. This is in stark contrast to Perth, where values are up 22 percent, and regional Western Australia, up 14.8 percent; as well as Brisbane, up 16.3 percent, and regional Queensland, up 11.8 percent.

CoreLogic Head of Research, Eliza Owen says an oversupply of homes for sale has weakened prices in Victoria and Tasmania, creating buyers’ markets.

On the supply side, there has been more of a build-up in new listings than usual across Victoria, even where home value performance has been relatively soft,” Ms Owen said. Victoria has also had more dwellings completed than any other state and territory in the past 10 years, keeping a lid on price growth. The additional choice in stock means vendors have to bring down their price expectations, and that brings values down.”

Melbourne dwelling values are now four percent below their record high and Hobart dwelling values are 11.5 percent below their record high. Both records were set more than two years ago in March 2022. The oversupply has also affected how long it takes to sell a property. The median days on market is currently 36 in Melbourne and 45 in Hobart compared to a combined capitals median of 27. It takes 55 days to sell in regional Victoria and 64 days in regional Tasmania compared to a combined regional median of 42 days.

Changes in population patterns have also contributed to higher numbers of homes for sale in recent years. Since COVID began in early 2020, thousands of families have left Melbourne because working from home meant they could buy a bigger property in more affordable areas. While many relocated to regional Victoria, a significant proportion left the state altogether, with South-East Queensland a favoured destination. Meantime, Tasmania’s surge in interstate migration during FY21 was short-lived. Data from the Australian Bureau of Statistics shows the island state has recorded a net loss of residents to other states and territories every quarter since June 2022.

Record overseas migration has more than offset interstate migration losses, thereby keeping Victoria’s and Tasmania’s populations growing. However, the impact of migrants on housing is largely seen in the rental market, so this segment of population gain has done little to support values. Growth in weekly rents has been far stronger than growth in home values over the past year, with rents up 9 percent in Melbourne and 4.8 percent in regional Victoria, and up 1 percent in Hobart and 2.7 percent in regional Tasmania.

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