Quick Facts About Melbourne’s Real Estate Market

𝗤𝘂𝗶𝗰𝗸 𝗳𝗮𝗰𝘁𝘀 𝗮𝗯𝗼𝘂𝘁 𝗠𝗲𝗹𝗯𝗼𝘂𝗿𝗻𝗲 𝗮𝗻𝗱 𝗶𝘁𝘀 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝗺𝗮𝗿𝗸𝗲𝘁
𝗛𝗲𝗿𝗲 𝗶𝘀 𝗮 𝗹𝗶𝘀𝘁 𝗼𝗳 𝘀𝗼𝗺𝗲 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗽𝗼𝗶𝗻𝘁𝘀 𝘁𝗼 𝗰𝗼𝗻𝘀𝗶𝗱𝗲𝗿:
👉☺️The Victorian economy is performing admirably.

👉☺️The Victorian economy has taken a hit as a result of the COVID-19 pandemic and the state’s extended lockdowns last year.

👉☺️However, until the most recent (6th) lockdown, it appeared that the Victorian economy would be rebounding in 2021 and would outperform the other states this year.

👉☺️Of course, economic growth will now slow slightly until we emerge from our Covid cocoon.

👉☺️But keep in mind… Melbourne does not have a single real estate market…

👉☺️In this diverse and sprawling city, there are numerous markets.
It is divided into many submarkets based on geography, price points, and type of property – this means you can’t just buy any property and expect the general Melbourne property market to do the heavy lifting for you over the next few years, so careful property selection will be critical.

👉☺️So, to help you better understand what’s going on in Australia’s second-largest property market, here’s a list of things you should know if you’re thinking about investing in Melbourne real estate:
In 2021, Melbourne property prices are expected to rise at an astonishing rate as strong buyer demand outpaces the volume of new listings coming onto the market.

👉☺️This is great news for homeowners, but it is heartbreaking for house hunters.

👉☺️And, while I agree that the rate of capital gains has peaked, I am not suggesting that home values are about to fall; far from it.
Rather, I believe we have transitioned from a peak rate of growth to a more sustainable rate of capital gain, and there is still plenty of life left in the Melbourne real estate market, with property values expected to rise throughout 2022 and into 2023.

👉☺️Australia’s economy appeared to be on track for the V-shaped recovery that everyone had hoped for, but with prolonged lockdowns in Australia’s two most populous states, and thus our two largest economies, economic growth has slowed.

👉☺️However, as we emerge from our Covid cocoons, there are signs that economic growth, led by employment growth, will resume, and this financial security will underpin Melbourne’s property market in the future.