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.
All segments of the market in the North East are performing equally well, with the top end of all suburbs remaining particularly buoyant. Inflation in the construction industry has pushed renovators and those looking to build homes to focus on well-renovated premium properties in our core areas. We see this trend continuing, as labour prices and material costs increase further, and this will help to support the local property market to some degree.