Yarra Ranges Shire
Homes were quickly swept up For private listings Lilydale was tied for the third quickest-selling suburb across the state in this quarter.
Another seven suburbs in the area recorded less than 30 days to sell their listings.
- Lilydale, 22 days
- Belgrave, 23 days
- Mount Evelyn, 26 days
- Mooroolbark, 27 days
- Upwey, 27 days
For auctions Yarra Ranges cleared 85.7 per cent from 14 auctions in the first quarter of 2023.
The top selling suburbs through auction: Suburb Sold CR%
Mooroolbark 5 100.0%
Chirnside Park 2 66.7% Montrose 2 100.0%
Emerging apartment market in the outer ring House Median Price Annual Change
Mount Evelyn $846,000 +6.0%
Wandin North $860,000 +5.1%
Montrose $1,000,500 +3.4%
Belgrave $815,000 +1.5%
The housing market in Yarra Ranges remains resilient with the low days on market, showing the popularity of the region. The median house price in the area is relatively affordable with ten suburbs are staying under $900,000 in March quarter 2023. Montrose crossed the $1 million median price for houses as it grew by 3.4 per cent.
Developments that will potentially boost property value in the area
- Lilydale Activity Centre to provide a range of retail, industrial, health, community and recreational facilities.
- Level crossing removals at Lilydale and Mooroolbark will reduce congestion during peak hours as well as improving safety.
- Lilydale Quarry Redevelopment will provide housing after the 163ha area was rezoned for residential development in 2022.
- Warburton Mountain Bike Destination received planning approval in December Snapshot based on data reported to the REIV and PropertyData.
Members can access REIV data insights at reiv.com.au/research or contact research@reiv.com.au Quarterly change between Mar Q 2023 and Dec Q 2022 Median Weekly Rent House Quarterly Change $495 +2.1% Unit Quarterly Change $430 +2.4% Yarra Ranges –
data at a glance Annual change between Mar Q 2023 and Mar Q 2022 Strong rental market with potential Annual Change Median House Rents
Upwey $620 +24.0%
Warburton $485 +19.8%
Belgrave $583 +14.2%
Montrose $485 +12.8%
Most suburbs recorded high growth on their median rents, with four suburbs having at least 10 per cent rise in their median house
