Market Summary
Well, there are so many words that I could use to describe not only the real
estate market over the last 12 months; but life in general, “unprecedented”,
“pivot” and “a new normal” just doesn’t cut it for me anymore! However,
as some of you who follow my social media know I am a big fan of quotes
and the one I adopted early in 2020 was “Do what you can, with what you
have, where you are.” (Theodore Roosevelt) – so, at Shelter we set off to
control the controllable, and did the best we could to achieve the best result
possible for those who had to, or chose to, make real estate moves.
The statistics don’t really give the full picture – technically, the Glen Iris
median price rose by 12.1%, with the Camberwell median price rising by
4.8%, and the Ashburton median price reducing by -0.8%. These figures
have to be considered with the background information of the lowest ever
sales volume in all three suburbs in over 20 years. The number of properties
transacted was down by 25% – 30% in all areas within Boroondara and
most of Stonnington. The effect of this extraordinary low stock was the
stability of and even growth of prices. Most soothsayers and forecasters are
predicting that this trend will continue in 2021 with price gains continuing
throughout the year.
Now as we are about to embark on the 2021 auction season, I can look
back and say that from a real estate point of view we were exceptionally
lucky in our areas in which we live and work. Nothing, it seems, can dampen
Victorian’s love of property, not even a global pandemic!
ZALI REYNOLDS
Founder | Director
