Can you believe it’s nearly Christmas? Many of us will be glad to see the end of 2021 and all the challenges it has brought, but many will also be grateful for the growth they have seen in the property market over the year, and the capital gains they have made.
Melbourne’s market is bouncing back… again This month we’re happy to be reporting that we can conduct physical inspections of properties again on behalf of our clients! Read below to find out how the market is responding to this change in restrictions.
How is Melbourne’s market faring following the latest lockdown? It’s been a tumultuous month since we last brought you news, with a lockdown having ended and our lives returning to a new normal once again. Now we’re seeing other parts of the country in lockdowns.
How is your property search going? The REIV recently announced that metropolitan house prices in Melbourne had surpassed $1 million for the first time ever, reaching a record median of $1,004,500 following a rise of 8.8% over the quarter. Houses in middle Melbourne also reached a record median of $1,148,500 and in regional Victoria houses reached a record median of $510,500.
Prices are rising… and fast Over February Melbourne’s real estate market saw a 2.1% price rise, which was the highest monthly rate of growth since 2003, according to CoreLogic data. At that rate of growth, the city was also the second strongest performing capital city market over February.
The signs are positive for property in 2021 We hope you had a very Merry Christmas and are ready to start the new year afresh. We certainly are! And we’re excited for what this year will bring. Sentiment has certainly improved in all areas of life, and the real estate market is no exception. We have seen huge demand for property over the past few months and there is no sign of this abating. With this resurgence in activity has come a bounce back in the market, with a return to positive price growth in Melbourne. CoreLogic data shows dwelling values rose by 0.7% in Melbourne over November, greater than the 0.4% growth in Sydney and 0.6% in Brisbane.