While interest rates have had an impact on market confidence, buyer demand remains very strong, underpinned by low stock levels. This is creating healthy competition, securing robust clearance rates and excellent results for our vendors.
A scarcity of properties has intensified competition in the rental market, and we anticipate the dual impact of increasing migration and the return of overseas students will continue to place pressure on prices.
Despite increasing construction costs, the region is experiencing a surge in apartment developments, evident by the numerous cranes dotting the skyline. This promising trend should help to alleviate the current shortage of affordable housing for tenants in the area.
The combination of robust population growth and a pent-up demand caused by recent low stock levels, coupled with substantial investments in transport, healthcare and education infrastructure in the region, ensures the Inner North property market is poised for a bright future.
In this year’s edition of The Report, we uncover five pivotal factors driving current property trends, and Jellis Craig CEO Nick Dowling reveals what’s really going on in the Melbourne property market.
We also shed light on the significant infrastructure improvements enhancing liveability in the Inner North and examine how the market is shaping up in major cities around the globe.
We hope you find our 2023 edition of The Report enjoyable and informative. We look forward to sharing our expert advice and guidance to help you in the next phase of your property journey.