Since breaking the $2 million median price mark in 2015, the area has continued to break new ground. In September 2015, a home sold on Kintore Street for a record $7.7 million and since then prices in the top end of the market have continued to surprise.
The median price in Camberwell is $2,072,500, on latest Real Estate Institute of Victoria data. This is down 2.5 per cent over the three months to December, which can be expected when looking at volatile suburb data. But it’s well above the Melbourne-wide median of $750,000.
The upper quartile was priced at $2,616,500 and the lower quartile at $1,735,000 – which should tell most people looking at the area that the quality of homes is consistent, with buyers willing to pay top dollar for the majority of what comes up for sale. There may be the odd bargain here and there, but most homes are well-priced and subject to pretty fierce competition. We’re seeing a mix of young and established families, investors and upsizers active in all price points.
In particular, new or near-new townhouses are in high demand – often because they have the benefits of buying a house but don’t come with the $2 million price tag and may include a bonus for first home buyers. A prime example of the interest in these properties is 16 Bright Street – a development with only two remaining townhouses priced at $1,000,000 and $1,050,000, both with three bedrooms. They’re set for completion in 2018. These types of infill projects are particularly popular with buyers, but can be rare to come across as they require specific sites that will be able to cater to this type of development.
There is also a high proportion of Chinese investment in the area, including local and offshore interest. In the last half of 2016, realestate.com.au statistics found Camberwell was in the top 10 list of suburbs searched by Chinese users. The rest of the list was also dominated by other eastern suburbs, including Balwyn and Doncaster East.
Auctions in 2016 were relatively successful across Camberwell, with a suburb clearance rate of 77.1 per cent and 279 auctions over the year on REIV figures. This compares to a 75 per cent Victoria-wide clearance rate. This year has yet to see the auction market back in full swing, with the summer holidays still coming to a close.
But the most recent trend is the growth of short-term Airbnb rentals in the area, and people buying homes to either use as an Airbnb investor or later putting a room on the portal. In the City of Boroondara, InsideAirbnb records 406 Airbnb listings of which 44.6 per cent of them are entire homes or apartments. The average price for all listings is $152 a night. This is offering a way for those who don’t spend all year in their homes to earn some extra funds. We advise speaking to council and your insurer before putting your home on Airbnb to make sure you’re covered and not breaking any rules.