October has come and gone, and the Stonnington property market remains unusually quiet.
According to realestate.com.au data, just 50 houses sold across Stonnington in October, compared with 99 in October last year, a decline of almost 50%.
New listings were also down 45%, while sales above $2 million fell from 56 to just 25.
These are extraordinary numbers, but importantly, they tell us more about the lack of transactions than necessarily a decline in property values.
So, what’s holding everyone back?
My view is that the upcoming Victorian election is contributing to the uncertainty, with many buyers and sellers choosing to wait until it’s behind us.
Of course, an election result won’t change the fundamentals of the property market overnight. But people can’t put their property plans on hold forever. Life goes on.
We’re anticipating a particularly busy start to 2027, with more properties launching in January than we’ve seen in previous years, followed by what we expect to be a very active February.
In the meantime, there’s plenty happening off-market.
Since July, approximately one in three of our team’s sales have taken place off-market, including several significant transactions above $5 million.
We’re continuing to see strong interest from buyers wanting access to properties before they reach the major portals.
Coming this week, we have two attractive single-fronted homes in Windsor, priced between $1.1 million and $1.4 million, along with a magnificent Italianate Victorian residence in Armadale for buyers in the $6 million-plus range.
I’ll be sharing the details, videos and inspection opportunities through my Stonnington Off-Market Instagram Channel (view on mobile here)
