1 JANUARY - 31 MARCH 2023 | Courtesy of P&G Real Estate NARRE WARREN NORTH QUARTERLY REPORT
WELCOME We are pleased to present our latest property market update, covering the property statistics for the January to March 2023 period. After a challenging year in 2022, where the Melbourne property market experienced a decline of -9.6 per cent in property prices from the peak in February 2022, there are promising signs of a turnaround. In March 2023, Melbourne saw a return to growth for the first time in a year. Despite the Reserve Bank of Australia implementing 10 consecutive interest rate increases, resulting in a rise of 3.5 per cent in official rates, property prices have not only stabilised, but they are also showing signs of an upward trend. Lower stock levels in the market have contributed to this positive momentum, as the reduced supply has created a situation where demand is surpassing supply, leading to price increases. In the property management department, our team has been experiencing strong demand for rental properties, with most properties being leased within the first week of listing. In Victoria, house rents have recorded the fastest quarterly rise in six years, and the highest annual increase since 2008. Furthermore, data from Domain indicates that Melbourne’s vacancy rate has reached a record low of 0.8 per cent, which is nearly three times lower than the previous year. The return of overseas migrants and international students has played a significant role in driving this high demand for rental properties. Considering these market trends, if you are thinking about making a move in 2023, we strongly recommend exploring your options sooner rather than later. Our team is wellequipped to assist you in navigating the current property market and making informed decisions. Kind regards, P&G Real Estate 03 9587 8881 admin@pgrealestate.au Photo by Steven Ungermann from Unsplash
4 4 4 0 2 2 2 0 2 2 2 0 701sqm 849sqm 766sqm 5,963sqm SOLD $899,000 SOLD $850,000 SOLD $980,000 SOLD $905,000 3 Rosehill Court 4 Sapphire Court 11 Jacques Road 1 Tamar Court
SOLD IN NARRE WARREN NORTH 4 4 4 4 3 2 2 2 2 3 2 4 4,016sqm 852sqm 2,000sqm 2,004sqm SOLD $1,505,000 SOLD $1,200,000 SOLD $1,705,000 SOLD $1,650,000 7A Memorial Drive 9-10 Monroe Court 4 Tara Park Close 9 Tom Gearon Court
BETWEEN 1 JANUARY - 31 MARCH 2023 4 4 7 5 2 3 3 3 4 6 4 2 3,070sqm 1,289sqm 4,030sqm 4,798sqm SOLD Not Disclosed SOLD $1,785,000 SOLD $1,900,000 SOLD $1,800,000 9 Avenview Drive 2 Jack Robbie Court 4 Aranmore Crescent 35 Harries Court
Source: CoreLogic RP Data 6 4 8 6 5 2 9 6 16 2 3 5 2,001sqm 4,123sqm 4,101sqm 4,023sqm SOLD Not Disclosed SOLD $2,260,000 SOLD Not Disclosed SOLD $2,580,000 9 Rade Macut Court 4 Rose Garden Court 16-18 Leech Court 221 Belgrave-Hallam Road
NARRE WARREN NORTH Houses sold last quarter FAST FACTS Median House Sale Price | Narre Warren North PROPERTIES SOLD LAST QUARTER 18 AVERAGE DAYS ON MARKET 69 HOUSE SALE PRICE Highest $2,580,000 Lowest $850,000 Median $1,677,500 Source: Core Logic RPData 1 January - 31 March 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $ 1.8M 1.7M 1.6M 1.5M 1.4M 1.3M 1.2M 1.1M 1.0M 900K 800K 700K 600K
MEET THE TEAM Paul Organtzidis Director/Licensed Agent/Auctioneer ––– ––– 0431 646 115 paul@pgrealestate.au ––– ––– Noah Rezaie Sales Agent ––– ––– 0477 799 015 noah@pgrealestate.au ––– ––– Kailey Wilson Property Manager ––– ––– 0474 542 657 kailey@pgrealestate.au ––– ––– Jay Sharma Sales Agent ––– ––– 0414 161 613 jay@pgrealestate.au ––– ––– Gina Organtzidis Director ––– ––– (03) 9587 8881 gina@pgrealestate.au ––– ––– Ahmed Mahmoud Sales Agent ––– ––– 0449 269 767 ahmed@pgrealestate.au ––– ––– Stephanie Lui Office Manager ––– ––– (03) 9587 8881 stephanie@pgrealestate.au ––– ––– Rachel Seal Sales Marketing Coordinator ––– ––– (03) 9587 8881 rachel@pgrealestate.au ––– ––– Stella Rose Investor Portfolio Manager ––– ––– 0412 664 721 stella@pgrealestate.au ––– ––– Rick Kothari Sales Agent/Licensed Agent ––– ––– 0412 767 574 rick@pgrealestate.au ––– ––– Marree Chara Sales Agent ––– ––– 0431 020 498 marree@pgrealestate.au ––– ––– Sales & Rentals 15 Magna Vista Rise, Narre Warren VIC 3805 03 9587 8881 pg.eview.com.au
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