Why large homes are hot property
BIG suburban houses have become big business across Melbourne as buyers seek homes for their large or extended families.
The scarcity of homes boasting five or more bedrooms is also driving up the demand.
CoreLogic RP Data figures show the largest homes to sell this year were two ninebedroom properties in Eltham and Mt Waverley.
There have also been 10 reported sales of eightbedroom homes and scores of sales of five, six and sevenbedroom homes.
Real Estate Institute of Victoria data shows 68 sevenbedroom homes sold in the 12 months to June 30, with a median price of $1.235 million.
Sales of six-bedroom homes were more common, with 326 reported to the REIV with a median price of $1.107 million.
Almost 2500 five-bedroom homes sold in 12 months to June with the median price ticking over the $1 million mark.
The suburbs with the highest turnover of large homes included Glen Waverley, Balwyn North and Templestowe.
But clutches of suburbs like Doncaster and Doncaster East, Wantirna and Wantirna South and Narre Warren North and South also had strong sales.
The REIV figures show Wantirna South now has a $1 million median price for fivebedroom homes, while strong price rises are also showing in Doncaster, Mt Waverley and Glen Waverley.
Ray White, Patterson Lakes, director Genevieve Hill said there was always strong interest from owner-occupiers when big homes hit the market.
“We can’t keep up with the demand for large homes,” said Ms Hill, who operates around Carrum, Dingley, Patterson Lakes and Waterways.
Ms Hill said she had a couple of five-bedroom properties on the market at the moment.
“I’ve got one five-bedroom, four-bathroom home and I had almost 26 groups at the first inspection and I’ve got four people who are waiting to put offers on it,” she said..
“It’s got to the stage now where I’m trying to find properties to fill in the demand.”
Ms Hill said 98 per cent of buyers were owner-occupiers.
“We find if they haven’t got four kids, sometimes the inlaws stay with them and help with the babysitting,” she said.
“I think some people always want the additional guest bedrooms for when family comes from overseas. That’s something I do experience a lot in a place like Waterways.
“You’ve got the Chinese buyers, the UK buyers and the Australian buyers with mixed cultures and a lot of their families are overseas and come and stay with them for a while, hence why the fifth bedroom is always an advantage for them.”
Cristine Jones is an agent for Ray White in Glen Waverley, where she said the predominant buying group across the Monash area was Asian.
“It’s not unusual to have extended families to inspect those properties,” Ms Jones said.
“Sometimes they’ve got extended families living together, particularly in the Chinese community. They might have their parents or inlaws living with them.”
Ms Jones has listed a sixbedroom home at 1 June Close, Wheelers Hill, near Caulfield Grammar and Jells Park Primary School.
“Six bedrooms plus a study is quite rare. Generally it’s four bedrooms plus a study and you might use the study as an extra bedroom,” she said.
“Here you have got bedrooms on the main bedroom level or as your kids grow older, if they want to be further away from your area, they’ve got their own separate living area as well.”