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 residential property in the North East.
Welcome to The Report North East 2023
Welcome to the 2023 edition of The Report – your exclusive annual guide to the residential real estate market in the North East and beyond.
“
Looking ahead, the combination of robust first home buyer enquiry, pent-up top-end demand, and a solid middle market ensures the North East property market is poised for a bright future.
Prices across the region remain buoyant, particularly at the top end of the market. Larger lifestyle properties in semi-rural areas, which had experienced a dip in demand, are now showing signs of recovery.
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. This healthy competition is securing robust clearance rates and excellent results for our vendors.
Escalating building costs have put significant pressure on developers, with projects that were viable a couple of years ago now being shelved. This is generating a shortfall in supply that has encouraged buyers to reconsider smaller allotments with well-designed properties offering a sustainable and affordable lifestyle.
Rental price increases across the region have been significant, and when combined with limited stock and low vacancy rates, we are seeing many renters choosing to stay put in this highly competitive environment.
Looking ahead, the combination of robust first home buyer enquiry, pent-up top-end demand, and a solid middle market ensures the North East property market is poised for a bright future.
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 North East 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.
