City of Knox Strong clearance rate in a growing market For private listings Homes in seven suburbs in the area were sold in less than 40 days, as of March 2023, led by Wantirna with 27 days on market.
• Wantirna, 27 days • Boronia, 28 days • Ferntree Gully, 32 days For auctions City of Knox cleared 87.9 per cent from 173 auctions in the first quarter of 2023, which was the strongest clearance rate among metro municipalities.
The top selling suburbs through auction:
Suburb Sold CR% Rowville 31 93.9% Ferntree Gully 27 87.1% Wantirna 23 88.5% Wantirna South 23 88.5% Boronia 17 89.5% Bayswater 13 76.5% Knoxfield 7 100.0%
Developments that will potentially boost property value in the area
• Westfield Knox is in the stages of a $355m redevelopment to be finished in 2023.
• The State Basketball Centre will have 18 basketball courts and projected to have 2 million visitors annually.
• $80m of the Urban Congestion Fund has been allocated to reduce transit delays between Lysterfield and South-Eastern Melbourne by extending Dorset Road.
Competitive market with potential for growth City of Knox recorded the highest clearance rate in metro Melbourne as selling 87.9 per cent of its auction listings, showcasing the ongoing demand for the area. Bayswater had an impressive quarter in the city of Knox as the suburb with the greater improvement in both house and unit prices.
House Median Price Quarterly Change Bayswater $850,000 +10.7%
Wantirna South $1,118,000 +8.0%
Boronia $840,000 +6.7%
Ferntree Gully $901,500 +4.5% Unit/Apt
Median Price Quarterly Change Bayswater $640,000 +26.4%
Boronia $640,000 +4.4% Rowville $720,000 +3.6%
Rental market with solid growth Annual Change
Median House Rents $510 +10.9% Upper Ferntree Gully Boronia $470 +9.3% Scoresby $478 +8.5% Lysterfield $520 +8.3% Upper Ferntree Gully led the market with almost 11 per cent surge in house rents compared with last year. Source: DEWLP
