Essendon House Prices Jump 6.8% as Quarterly Gains Accelerate

Essendon's residential market closed the June 2026 quarter with a median house price of $1.42 million, up 6.8 per cent on the same quarter last year, when the figure sat at $1.33 million. The quarterly gain alone, measured from March to June, came in at 2.1 per cent, beating the 1.4 per cent recorded over the same three-month window in 2025.

The timing matters. Buyers and vendors heading into the traditionally quieter July-August period are weighing these numbers against higher borrowing costs that have barely budged since early 2026. For anyone who bought in Essendon twelve months ago, the equity gain is real and, for now, accelerating. For those still on the sidelines, each quarter that passes is adding roughly $28,000 to the median entry price.

Where the Growth Is Concentrated

The strongest price movement has been recorded in the strip running along Buckley Street and the blocks immediately east of Essendon Fields, where a cluster of four-bedroom family homes changed hands above reserve throughout May and June. One Buckley Street property, a renovated Californian bungalow, sold at $1.71 million in late May, $90,000 above its quoted range. That kind of gap between quote and result has become routine rather than exceptional this quarter.

Flats and townhouses near the Essendon Farmers' Market precinct on Napier Street are telling a slightly different story. The unit median for the suburb reached $680,000 in the June quarter, a 4.2 per cent rise year-on-year, lagging houses by nearly three percentage points. Investors who purchased off-the-plan stock in the 2022-23 cycle are finally recovering lost ground, but the recovery is slower and lumpier than in the detached house segment.

Essendon's rental market is providing additional upward pressure on prices. The average weekly rent for a three-bedroom house in the suburb hit $620 in June, according to figures compiled by the Moonee Valley City Council's quarterly housing monitor, released last week. That is a 9 per cent jump on June 2025's $569 average and is pulling more landlords back into the market after a period of divestment that ran from late 2023 through most of 2024.

What the Numbers Mean for the Next Six Months

The gap between this year's quarterly performance and last year's is not accidental. Three rate decisions have left the cash rate unchanged at 3.85 per cent since February, giving buyers a degree of certainty they lacked through most of 2024. That stability, combined with relatively thin stock levels, listings in Essendon were down 11 per cent in June compared to June 2025, per the Real Estate Institute of Victoria's postcode-level data, has kept competitive pressure high at auctions.

Local agencies including Barry Plant Essendon and Jellis Craig's Essendon office have both reported clearance rates above 78 per cent for the June quarter, compared to 68 per cent in the same period last year. That ten-point swing in clearance is arguably the clearest single indicator of how different the mood is now versus twelve months ago.

For vendors, the window between now and late August looks favourable. Stock remains tight, motivated buyers are still active, and the comparable sales evidence from the June quarter gives agents a strong foundation for pricing. For buyers, the practical advice is blunt: properties in the Essendon North pocket near Napier Reserve and along Raleigh Road are seeing fewer competing bidders than the Buckley Street corridor, offering a possible foothold before the spring selling season adds another wave of competition and, almost certainly, another layer to the median price.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.