Melbourne Property Market higher than this time last year and higher than the previous peak in 2022.
PopTrack Home Price Index shows Melbourne property values climbing steadily higher, with borrowers able to borrow more and thus spend more to purchase a home on the back of interest rate cuts.
Pent up demand, low supply and lower interest rates are intensifying buyer competition. They have and will continue to further home price growth across Australia, driving property prices and values to a new high.
Melbourne’s median house price are now higher than at any point in history with median home values rising 0.5% in the past month and 3.4% higher in the past year according to PopTrack. Melbourne’s property prices have increased by 20% in the past five years.
Melbourne’s relative affordability, compared to other capital cities is attracting the attention of property investors. As buyer sentiment improves, this places upward pressure on property prices and investors or home buyers wanting to buy or invest should be doing so now to take advantage of this renewed growth in Melbourne and Victoria.
The housing market is poised for further growth starting with spring season, will continue to grow as interest rates are cut further and on the back of a very strong population growth and low supply of existing dwellings and drop in building approvals on new dwellings.
Vacancy rates in Victoria and Melbourne continue to remain very tight, yet rental demand is at historical highs. Supply just cannot keep up. It’s a perfect storm :
- Continued strong population growth
- Building approvals have dropped
- Supply of new dwellings at historical lows
- Investors who sold off means less rentals on the market
- Vacancy rates at historical lows
- Rental yields continue to grow
- Capital Growth potential in Melbourne and Victoria once again a reality
A small percentage of Residential Property is Investment Grade.
Not all property is worthy of your Investment Dollars – do you know how to identify and source Investment Grade Property?
At properT network, we can help you identify property that we know is investment grade, property which could better help you accelerate your own financial planning goals, whilst building a financial lifestyle for yourselves and for your next generations.