After experiencing an extraordinary surge in demand during the pandemic, prompted by the mass migration of Melburnians to the region’s beautiful coastline, the market has now stabilised.
However, while the rush may have subsided, demand has remained steady. There are still savvy buyers in the market, and we feel those taking a long-term outlook will benefit over time.
As a result of an influx of proper ties, average days on the market have increased, with buyers more perceptive of value. However, we are still seeing solid demand in the $2–$3 million bracket.
The cost of building has put downward pressure on prices for vacant land and homes in need of renovation. Momentum is building around premium quality homes, with buyers seeking out turnkey and well-renovated properties.
The property-management trend for 2023 has seen properties purchased to use as holiday homes over the past few years being turned into permanent rentals. Rental prices, while still higher than in previous years, have dipped slightly and stabilised at a more affordable rate.
For holiday home owners and landlords, the biggest challenge over the next 12 months is likely to be high interest rates, land tax and the cost of maintaining their homes. This signals excellent opportunities for potential holiday-home buyers and investors to acquire quality homes and investments for competitive prices.
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 on the Mornington Peninsula 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.