Elsternwick property market stable for spring, real estate agents advise

With the spring property season officially underway, real estate agents are confident in the potential for buyers in Elsternwick.

“There’s a great opportunity for buyers to take their time because the market has stabilised,” said Campbell Kilsby, senior sales consultant at Greg Hocking Persichetti.

“As a buyer, it’s a good opportunity to negotiate and do your research because the market prices aren’t changing as quickly, compared to six months ago.”

He said while spring is usually a time of abundant stock levels, there’s still choice available with plenty of buyers looking for their perfect property.

“Apartments in Elsternwick, particularly those built in 1930s and 1940s are doing quite well. Once properties are reaching over the $2million mark, the market has softened. It’s also a great chance for current vendors to upsize,” he said.

Juanita Kelly, director of Woodards Elsternwick, also agrees that it’s a good time to buy in the area.

She said Elsternwick continues to do very well due to its “bulletproof reputation” because of everything the area has on offer.

“You can go through each phase of your housing life, from single level and villa units to larger properties,” she said.

“We’ve got a great eclectic population who enjoy local amenities such as the cinemas, trains, buses and the lovely village centre.

“With local traders, we’re seeing a move to a more younger style, with additions like Hanoi Hannah because a lot of the older coffee shops are making way for new cafes.”

Looking ahead to the future of Elsternwick, Ms Kelly points to a transformation of the types of housing.

“We’re seeing more apartments in the area, especially around the Elsternwick Village hub and many shops being redeveloped, with businesses on the bottom and apartments on the top,” she said.

Mr Kilsby said the summer quarter will see a renewal in buyer’s confidence.

“People have been a bit cautious this year, but we’ll see more confidence and positivity in this next quarter with more growth,” he said.

“We’re seeing a lot of young families and downsizers moving to the area – looking to be close to Glen Huntly Rd and the village.”