City of Monash
Busy market with high sales volumes
For private listings Homes in Mulgrave were the quickest to sell in March 2023, with 32 days on the market, 4 days fewer than in February 2023.
- Mulgrave, 32 days
- Wheelers Hill, 33 days
- Glen Waverley, 35 days
- Burwood, 36 days
- Mount Waverley, 39 days For auctions
The City of Monash cleared 85.5 per cent from 399 auctions. In the region, Glen Waverley and Mount Waverley are in the top 3 suburbs for auction sales across the state.
The top-selling suburbs through auction: Developments that will potentially boost property value in the area
- A $485m Chadstone Shopping Centre redevelopment has a 2024 completion date.
- Construction began in Clayton on the Suburban Rail Loop in the first phase of the works. A new station will be built in Clayton helping to connect Monash University and the surrounding area.
Steady growth in a booming market
Suburb Sold CR%
Mount Waverley 79 87.8%
Glen Waverley 76 83.5%
Wheelers Hill 35 94.6%
Clayton 27 84.4%
Mulgrave 27 90.0%
Burwood 23 74.2%
Chadstone 18 90.0%
The City of Monash delivered quarterly growth for both houses and units amongst high sales and competitive auctions. Mount Waverley and Glen Waverley were the standout performers achieving above 9 per cent quarterly house price improvements while Glen Waverley also recorded over 20 per cent growth in its unit prices.
Quarterly change between Mar Q 2023 and Dec Q 2022 Median
Weekly Rent House Quarterly Change $550 +3.8% Unit Quarterly Change $490 +6.5% Monash – data at a glance Good time for landlords Annual Change Median House Rents
Mount Waverley $590 +18.0%
Hughesdale $583 +17.7%
Clayton $490 +16.7%
Wheelers Hill $580 +12.1%
Annual Change Median Unit/Apt Rents
Huntingdale $430 +22.9%
Hughesdale $480 +17.1%
The City of Monash saw rises in rents, led by Hughesdale showing strong increases on both property types by over 17 per cent. Snapshot based on data reported to the REIV and PropertyData.
Annual change between Mar Q 2023 and Mar Q 2022 Quarterly change between Mar Q 2023 and Dec Q 2022
House Median Price Quarterly Change
Mount Waverley $1,710,000 +13.9%
Glen Waverley $1,701,000 +9.7%
Burwood $1,376,500 +8.3%
Chadstone $1,280,000 +4.2% Unit/Apt
Median Price Quarterly Change
Glen Waverley $1,220,000 +22.0%
Ashwood $1,234,625 +19.9%
Burwood $870,000 +11.7%
Median Quarterly House Price Change $1,439,000 +1.3% Lower Quartile $1.2m Upper Quartile $1.8m Median Quarterly Unit Price Change $860,000 +0.8% Lower Quartile $660k Upper Quartile $1.2m Proportion of private vs. auction sales for 12 months from April 2022 to March 2023 City of Whitehorse Growing demand for the popular market
For private listings Properties in three suburbs spent less than a month on the market in March 2023, with Blackburn North having 9 days fewer than last year
. • Blackburn North, 28 days
- Blackburn South, 30 days
- Burwood East, 30 days
- Vermont South, 32 days
For auctions, The municipality cleared 87.6 per cent from 323 auctions from January to March 2023. The top-selling suburbs through auction:
- Box Hill Town Square along with an office and a residential tower received council approval in 2022 for the $700m project. $320m Wellington Health Precinct completion is scheduled for opening in 2024.
- APH City Park is a $1b business park project consisting of office and commercial space to be built in Forest Hill.
- The $68m Whitehorse Performing Arts Centre will open later this year to provide concert and production space for residents.
Outstanding performance in the second city centre Suburb Sold CR%
Mitcham 34 85.0%
Box Hill North 33 89.2%
Blackburn 30 90.9%
Blackburn South 27 87.1%
Nunawading 22 88.0%
Burwood East 21 91.3%
Box Hill 19 90.5%
Blackburn North 16 88.9%
The competitive auction market in Whitehorse with the second highest clearance rate in metro Melbourne drove price growth in both house and unit, recording more than a 3 per cent increase over the quarter. Two suburbs saw at least 25 per cent growth in their house price while another two suburbs recorded more than a 20 per cent increase in their unit value.
Quarterly change between Mar Q 2023 and Dec Q 2022 Median Weekly Rent House Quarterly Change $525 +2.9% Unit Quarterly Change $450 +2.3% Whitehorse
