Market News. Melbourne is moving ahead, recording a lift of 0.4% in September to take the median house value to $933,281 and units to a median price of $612,585. Last month Melbourne and Sydney both recorded an above-average number of homes on the market.
Market News – Spring blooms. Real estate has quietened the doubters with the market recording its sixth straight month of rises. CoreLogic found house prices in capitals cities were 6.3% higher than at the start of the year, while unit values rose 4.9%.
Market News – RBA on hold, Spring beckons. Two sets of good news for people interested in buying property this year. Firstly, we are hearing from many agents that they are receiving a lot of interest in listing properties for sale this Spring. That’s great news as one of the key factors for buyers at the moment is a shortage of stock.
Market News - House Prices Up (slightly) National home values moved up 0.6% in March, according to CoreLogic, the first rise since interest rates started their dramatic rise last year. Peak to trough, national home prices have dropped 8.5% since April 2022, winding back around one-third of their massive 28.6% upswing during the “cash-splash”.
Market News: We ended last year with quite a few ‘overnight experts’ telling us property would be in free fall over summer and into the new year. But it hasn’t quite worked out that way. Instead, what we are seeing is a market tracking sideways. Home price declines actually halted in Sydney (and nearly in Melbourne) for the month of February but the numbers are still showing a fall over the last three months
Market News: Melbourne set to overtake Sydney. Sometime around 2030, Melbourne will overtake Sydney as Australia’s largest city – the first time it has held that crown in 120 years. For that, we can in part thank our cousins to the north as NSW residents make up the largest proportion of Australians moving to Melbourne. Richmond, the CBD, Brunswick and South Yarra were the most popular areas attracting NSW-based property buyers.
Market News: It’s a relaxing time of year but some of us are still keeping an eye on what’s happening in the property market. If that’s you, you might have been a little worried by some of December’s stats. In Melbourne, auction volumes fell by 16.8% in the last week and clearances were off for December, down to 58%.