There is no doubt Melbourne’s property market has weathered significant challenges in recent years, from the economic fallout of the pandemic to record consecutive interest rate rises and a subsequent tightening of lending restrictions. However, the current landscape reflects a welcome return to stability, and the outlook is strong for the residential property market in the Inner West.
Welcome to The Report Inner West 2023
Welcome to the 2023 edition of The Report – your exclusive annual guide to the residential real estate market in the Inner West and beyond.
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Momentum is building around quality family homes, with low stock levels and rising construction costs creating strong demand among buyers looking for turnkey and well-renovated properties.
Momentum is building around quality family homes, with low stock levels and rising construction costs creating strong demand among buyers looking for turnkey and well-renovated properties. This healthy competition is securing robust clearance rates and excellent results for our vendors.
While we have seen a decrease in townhouse and apartment developments across the region, experienced builders are continuing to purchase sites, signalling that quality new builds are still highly sought-after among a savvy buyer set.
International buyers are flocking back to Melbourne in search of established family homes on larger blocks in well-serviced areas. The dual impact of increasing migration and the return of overseas students is putting pressure on rental prices and resulting in fast turnaround times for properties.
The outlook for the Inner West over the next 12 months remains positive. We expect a surge in properties coming onto the market by the end of the year, which, when combined with stabilising interest rates, will boost buyer confidence and choice. We also anticipate a higher percentage of sellers to be investors looking to capitalise on gains in capital growth and healthier returns.
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 West 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 proper ty journey.
