Living beachside remained a popular choice in 2018, helping the Kingston market through when most of Melbourne struggled.

Kingston’s property market was making waves at the start of 2018 and stayed afloat despite challenges that presented across the broader Melbourne market later in the year.

Carrum units were the top performers for the area, notching 15.5 per cent growth to a $670,000 median price, according to CoreLogic data.
This was followed by Chelsea Heights units, which gained 14.6 per cent, and Edithvale units, up 14 per cent.

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The area’s top residential sale went to a waterfront wonder at 7/202 Nepean Highway, Aspendale.

It sold for $3.24 million in May.

Buxton Mentone director Matthew Cox said suburbs from Mentone through to Chelsea experienced never seen before growth in the early months of the year.

“Townhouses throughout the southeast skyrocketed as more and more young families opted for low-maintenance family living instead of the traditional large block property,” he said.

Mr Cox said as the market levelled, the challenge was to educate buyers that it was still a great time to buy.

“And for sellers to understand when they sell in a down market and upsize to their more expensive dream home they are actually in front,” he said.

“An easing of prices means that properties from Mentone to Carrum will now be on the shopping list for some buyers that have previously not been able to keep up with the ongoing growth.”

The $2.6 million sale of 13 Foam St, Parkdale was also notable.

The five-bedroom house had a dream kitchen.

Kingston’s median house price increased 1 per cent to $950,000 in the 12 months to September — a rise of 58.3 per cent in the past five years.

Units outperformed houses this year, jumping 7.5 per cent to a $607,500 median, a price which has gained 39 per cent in five years.

Mordialloc houses felt the brunt of the market downturn the most, dropping 11.2 per cent in 12 months to a $955,000 median.

The suburb’s median house price sat at the million-dollar mark the same time last year.

A $2.75 million sale penned for 32 Rennison St, Parkdale was one of Kingston’s top sales.

The property sold in March.

Hocking Stuart Mentone agent Garry Donovan said the banking royal commission shifted the advantage to buyers.

“(It was) a totally different real estate environment that we have never seen with a strong economy, low interest rates and inflation — all ingredients for a strong market but the opposite occurred,” Mr Donovan said.

“Many buyers are just sitting back to see how all of this unfolds over the coming months.

“The smart buyers, however, are still participating in the market and reaping the rewards of some very good buys.”

The area’s top reported residential sale for 2018 went to a beachfront townhouse at 7/202 Nepean Highway,
Aspendal
e, which sold for $3.24 million in May.

The $2.75 million sale of a trendy four-bedroom townhouse at 32 Rennison St, Parkdale, and luxury family home at 13 Foam St, Parkdale, which secured $2.6 million, were also among the area’s most notable sales.

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