Local Insights – Montmorency
By Peter Sarmas on 8 Jun 2013
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This week the Reserve Bank of Australia decided to leave the cash rate on hold at its record low 2.75%, in order to wait and see what impact last month’s cut has on the economy.
As we edge into winter, areas of the Melbourne property market are performing better than others.
This week, we decided to offer our local insights on the small but very popular suburb of Montmorency.
Local Buckingham and Company sales consultant Scott Nugent says that “Monty is a very unique area. Young families are the predominant buyers at the moment, and they love the area’s country and community feel.”
Locals describe the suburb as their “little country town in suburbia.” It is that loved, according to Mr Nugent.
Source: Pricefinder
When asked what makes Montmorency so popular, Mr Nugent points out the number of amenities it boasts – St Francis Primary School; the Were Street shops; the Were Street Food Store, well frequented for its coffee and breakfast selection; and Max’s Burger Lounge, the latest Thursday and Friday night hangout.
He went on to say that residents love the 22km proximity to the city, access to trains, and the fact that Montmorency is becoming such a family-orientated area. Pointing to a current property on the market to demonstrate his point, Mr Nugent says “We have a property listed at number 10 Wilson Avenue, which has been viewed by over 70 groups in only 3 weeks. I would say 85% of those coming through are very young families with children under 2 years of age looking to move in. They are either first home buyers renting, people who have grown up in the area, or unit owners choosing to upgrade. The most sought-after properties are priced in the mid $550,000 to $600,000 price range.”
Source: Pricefinder
“On the flip side, we’re finding units are slower to move in this market,” Mr Nugent says. “Houses are spending an average of 27 days on the market, but units seem to be taking longer to sell.”
“An interesting trend we have noticed is that buyers from Doncaster and Bulleen are looking to get on the train line in the area,” Mr Nugent continues. “They’re also looking for a quality of living not seen in a typical suburb. Monty certainly has a very special feel that people just love.”
The Best Streets
Wilson Street
Beatty Street
Kelvin Avenue
Hoban Avenue
On the Radar
Lilicur Road
Olympic Avenue
Reichelt Avenue
