House values have taken a hit over the past year according to new data, with many outer eastern suburbs dropping in value.
Data from CoreLogic shows house values have fallen in Melbourne’s outer east by 11.4 per cent in the year to February, with a median value of $862,628.
At their peak value last year, homes in Croydon, Kilsyth South, Chirnside Park and Montrose were valued at a median price of over $1 million, and are now valued at a median of $890,510, $923,604, $921,862 and $925,132, respectively.
Marshall White Manningham director Brenton Linmeiers said the market is “not bad” by any means, but houses are taking longer to sell due to trade shortages.
“If we had the same stock volume as we typically do, then there would be a drop,” Mr Linmeiers said.
“I’m sure some areas that do still have stock volume, they are seeing a greater drop, maybe up to seven per cent, but because of the shortage of stock, it is holding prices.
“It’s not great for real estate agents not having as much stock, but it’s also not bad for real estate agents because we’re essentially still holding prices, so we’re not having to struggle to sell every property.”
In the extreme cases of two Hills mansions, asking prices have declined by millions since first listings.
Mr Linmeiers is currently handling a listing at 4 Chudleigh Crescent in Sassafras; a mansion with an asking price between $4.9 and $5.2 million, which is set to break the suburb’s record if sold within asking range.
The property dubbed ‘Chateau Jardin Parfume’ sold in 2020 for $2.66 million before being listed in 2021 for between $8 million to $8.8 million.
A six bedroom and six bathroom home in Sassafras at 2 Aurora Rise has also re-entered the market, this time with a $500,000 drop in asking price, with the vendor asking for $5.4 million, compared to a listing in 2022 asking for $5.9 million.
‘Abingdon’ as the mansion is named, last sold in 2017 for $1.6 million.
