As pandemic conditions continue to ease around the globe, the welcome return to normality has ushered in a more measured and mature housing market for 2022.

Post-lockdown, a perfect storm of low interest rates, pent-up demand and limited stock caused prices to surge across Melbourne at a rate not seen in decades. We’ve seen an aggressive period of gain over the past 12 months, and this kind of growth is never fully sustainable.

Buyers are taking more control, and there is more of a willingness to be patient and wait for the right opportunity. Priorities have also changed, and properties with “pandemic appeal” such as more space, great work-from-home facilities and a location close to retail, schools and recreation continue to perform strongly. Premium homes continue to perform well and withstand price fluctuations. With our borders now open, expatriate Australians and foreign buyers will further bolster demand for superior properties in coveted locations.

We anticipate buyers who felt overwhelmed in the past couple of years will re-enter the buying arena and continue to stabilise the market from further price corrections.