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. As the frenzy settles, price growth has eased to a steadier rhythm, with buyers increasingly drawn to quality accommodation with a focus on liveability. Priorities have 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.
Latest REIV statistics for March show price growth in the Inner West remains strong, with an average median increase of 9.1 per cent on the previous quarter. While interest rates look likely to cause a plateau in the market, our region historically sees low turnover, therefore we do expect prices to hold firm due to the lack of stock.