A rising market share, record-setting sales and a near-perfect auction clearance rate augur well in the new year for Buxton agents in the city’s eastern corridor.

Stable interest rates, high demand, limited supply and a growing population should contribute to a strong performance in 2024, according to Buxton Box Hill director Calvin Chan.

The agency’s growing market share and increase in agent numbers in the eastern suburbs helped it achieve 330 sales in 2023, compared with an annual average of 200 previously.

“Our listings in the Whitehorse and Manningham suburbs we operate in, went up, and our clearance rate was 95 per cent,” Mr Chan said.

“The buyers were mainly families seeking larger houses, while townhouses and units were popular with first-home buyers.”

While the apartment prices were stable, land purchases stalled last year as buyers stayed clear of building due to rising construction costs and high interest rates. .

House prices in the eastern parts of Melbourne rose between 3-6 per cent in 2023, according to Domain data. In Mont Albert North, the median house price jumped 10.7 per cent in the 12 months to December 2023, while Balwyn’s increase was 7.8 per cent. 

The agency posted strong results in many suburbs, especially for newly built houses. 

One such sale was for $3.31 million for a townhouse at 9A Hawkins Avenue, Mont Albert North, which was a very popular listing online.

The property was well appointed with quality finishes, and the sale price eclipsed the previous townhouse record of $990,000 in the suburb.

Another outstanding result last year was $10.52 million for 2 Glenbervie Road, Toorak. 

“We are also seeing more interest in lesser known suburbs, which are more affordable and are becoming similar to blue-chip areas,” Mr Chan said.

He cited the example of Box Hill North, a former working class suburb that had been attracting interest from professionals and young families for its local schools and affordability.

Another was Forest Hill, where the agency recently sold 20-22 Bessazile Avenue for $2 million, after getting strong interest from high inspection numbers.

“With construction costs rising so high, buyers are prepared to pay premium prices 

for well-renovated homes,” Mr Chan said.

“We are in a strong market with each listing getting 70 groups of buyers and three to five bidders at auctions.”

Recent inspection numbers have been high with a Box Hill North house attracting 50 groups on a Saturday and another had 40 groups at one inspection. This was more than double the numbers at a typical inspection. 

“This could also be due to fewer listings at the start of the year, but we expect more sellers to come into the market,” he said.

The market will also get a boost from rising interest from overseas buyers, particularly from mainland China, who have traditionally bought and invested in the city’s eastern suburbs.

“We will see such buyers travel here during the Chinese New Year holiday period, and there should be interest in all types of properties, from apartments to houses,” Mr Chan said.