Quick Facts About Melbourne’s Real Estate Market
๐ค๐๐ถ๐ฐ๐ธ ๐ณ๐ฎ๐ฐ๐๐ ๐ฎ๐ฏ๐ผ๐๐ ๐ ๐ฒ๐น๐ฏ๐ผ๐๐ฟ๐ป๐ฒ ๐ฎ๐ป๐ฑ ๐ถ๐๐ ๐ฟ๐ฒ๐ฎ๐น ๐ฒ๐๐๐ฎ๐๐ฒ ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐
๐๐ฒ๐ฟ๐ฒ ๐ถ๐ ๐ฎ ๐น๐ถ๐๐ ๐ผ๐ณ ๐๐ผ๐บ๐ฒ ๐ถ๐บ๐ฝ๐ผ๐ฟ๐๐ฎ๐ป๐ ๐ฝ๐ผ๐ถ๐ป๐๐ ๐๐ผ ๐ฐ๐ผ๐ป๐๐ถ๐ฑ๐ฒ๐ฟ:
๐โบ๏ธThe Victorian economy is performing admirably.
๐โบ๏ธThe Victorian economy has taken a hit as a result of the COVID-19 pandemic and the state’s extended lockdowns last year.
๐โบ๏ธHowever, 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.
๐โบ๏ธOf course, economic growth will now slow slightly until we emerge from our Covid cocoon.
๐โบ๏ธBut keep in mind… Melbourne does not have a single real estate market…
๐โบ๏ธIn this diverse and sprawling city, there are numerous markets.
It is divided into many submarkets based on geography, price points, and type of property โ 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.
๐โบ๏ธSo, 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.
๐โบ๏ธThis is great news for homeowners, but it is heartbreaking for house hunters.
๐โบ๏ธAnd, 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.
๐โบ๏ธAustralia’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.
๐โบ๏ธHowever, 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.
