Momentum is building around premium quality homes, with low stock levels and rising construction costs creating a sense of urgency among buyers looking for turnkey properties. Notably, homes in the vicinity of East Doncaster Secondary College have emerged as the hottest properties, creating healthy competition that is securing robust clearance rates and excellent results for our clients.
However, higher interest rates have posed challenges for some homeowners, with affordability concerns causing a slowdown in some segments of the market. Buyers are prioritising value for money and seeking properties that require minimal renovation or additional investment.
Townhouse living has exploded in Manningham with developers investing more time and imagination in producing attractive developments showcasing excellent floorplans and desirable alfresco dining options.
We’ve seen rents increase substantially across most of our portfolio. Demand remains high for rental properties, causing ongoing record low vacancy rates. The dual impact of increasing migration and the return of overseas students is likely to continue to place pressure on rental prices.
Looking ahead, an influx of buyers will intensify competition in the market, indicating a dynamic and competitive market in the coming year.
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 Manningham 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.