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.
With borders now reopening, interest from overseas buyers has surged, resulting in increased competition in our market. Demand for entry-level homes and apartments has also been bolstered with the 1 July lifting of the threshold for the housing guarantee scheme to $800,000 in metropolitan Melbourne.