Local Insights – Ivanhoe Property
By Peter Sarmas on 20 Jul 2013
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Ivanhoe is a leafy historical suburb comprised of single 19th and 20th century family homes. Increasingly, it is also home to an aging community of lifelong residents.
Homes attract a consistently high market value. According to Pricefinder, median sale prices in Ivanhoe were $970,000 for houses and $531,250 for units for the 12 months leading to July 2013. 76 houses and 66 units were sold during the same time period, while the average time on the market was recorded at 59 days and 99 days respectively. Due to high demand, auction clearance rates regularly outperform Melbourne-wide figures (REIV).
While the majority of residents are homeowners, 31% of properties are privately rented according to the REIV. Average weekly rent is $321, making the area a good option for those interested in an investment property.
Local Ivanhoe agent and Nelson Alexander senior partner Liz Walker bursts with enthusiasm when speaking about Ivanhoe and its surrounds. After we asked what people love about the area, Ms Walker pointed to the quality of the schools, the local transport networks and the parklands. “People just love Ivanhoe’s proximity to the CBD,” she said. “It’s only 10 kilometres from the city and the station is in Zone 1, so they can catch express trains straight to Clifton Hill.”
And which buyers are looking for property in the area? “The market is currently being driven by young professionals moving in from the northern suburbs,” Ms Walker said. “Places like Northcote, Preston, Thornbury, Essendon and Alphington. They’re all looking for more space and they’re selling cottages or smaller homes in these areas for more yard space and house size.”
When considering how the property market in Ivanhoe has changed, Ms Walker said the expansion of Austin Hospital has had an impact. “The development of the Olivia Newton-John Cancer and Wellness Centre building has brought many doctors and medical professionals into the area, which has been beneficial to the buying investor,” she said.”
“Over this same period of time we have started to see some movement, which is rare in Ivanhoe as property is so tightly held. A number of sellers are either downsizing into villas or retirement villages or moving inner city into apartments.”
“In demand at the moment are properties priced between $800,000 and $1.5 million comprised of 3 bedrooms, a study and two living areas. Supply is exceptionally low as a result of winter, when things usually quieten down.”
Typical of the popularity of the suburb, Ms Walker discussed a recent sale at 27 Cumberland Avenue, Eaglemont, where a crowd of more than 100 onlookers saw the property reach over $1.555 million.
Favourite Spots
Ms Walker says that Barrio in Ivanhoe is one of her favourite restaurants when it comes to dining out in the area. Condotti in East Ivanhoe is also worth a visit.
Barr’d in East Ivanhoe is popular for tapas on Friday, Saturday and Sunday nights.
Best Streets
The Boulevard, Ivanhoe
Hardy Terace, East Ivanhoe
Rockbear Grove, Ivanhoe
Summit Drive, Eaglemont
On the Radar
Beatty Street, Ivanhoe
Ivanhoe Parade,
Wallis Street, Ivanhoe
Keen Street, Ivanhoe
For more information about Ivanhoe, try:
Ivanhoe property sold prices
Ivanhoe suburb profile
Ivanhoe cafes
Or request a Free Market Report
