property
Hawthorn Home Prices Mirror 2021 Boom Cycle With 28 Percent Gains Since Then
Median values now sit at levels last seen during the peak demand stretch of five years ago, though stock shortages have tightened further.
How we reported this
Hawthorn median house prices hit $1,950,000 in the June quarter, a 28 percent increase from the $1,523,000 recorded in the same three months of 2021.
The jump matters because it arrives while interest rates remain above the 2021 lows and while global supply chains still face disruption from events in the Strait of Hormuz. Local buyers who sat out earlier this year now face the same rapid bidding that defined the previous cycle, but with fewer listings available on the market.
Recent auctions along Power Street and Linda Crescent drew eight registered bidders each, according to records from the Hawthorn Traders Association. The same streets recorded four-bidder contests in mid-2021. Staff at the Hawthorn Community Bank reported a 40 percent rise in pre-approval requests in the past six weeks compared with the first quarter.
Street-Level Price Shifts
Properties within 400 metres of Hawthorn Station posted a median of $2,175,000 last month, up from $1,680,000 in July 2021. Further east on Auburn Road, three-bedroom weatherboard homes cleared at an average $1,820,000, a gain of $410,000 over the same five-year span. These figures come from sales data compiled by the local branch of the Real Estate Institute and cover 47 transactions settled between April and June.
By contrast, units in the same pockets rose only 19 percent over the period, reflecting stronger demand for detached houses that offer space for home offices. One two-bedroom apartment on Burwood Road sold for $785,000 in late June, just $95,000 above its 2021 equivalent after adjusting for inflation.
Next Steps for Buyers and Sellers
Agents advise sellers to list before the spring school holidays, when new stock typically arrives and dilutes competition. Prospective buyers should obtain written pre-approvals now and inspect at least two open homes per weekend on Glenferrie Road to track how quickly clearance rates move. Those who wait until after September could face renewed pressure if stock remains below the 2021 average of 62 listings per month.
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.