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 the residential property market in the northern corridor of Melbourne.
There is strong buyer sentiment across the market and vendor confidence is high. 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. Renovated period homes are in particularly high demand, sparking healthy competition that is securing robust clearance rates and excellent results for our vendors.
The rental market is performing well, with one- and two-bedroom apartments generating multiple applications and leasing very quickly. Rising interest rates and low vacancies are placing upward pressure on rental prices, and this may be further exaggerated by the dual impact of increasing migration and the return of overseas students.
The outlook over the next 12 months remains positive. We expect a surge in properties coming onto the market by the end of the year, which, when combined with predicted stabilising interest rates, will further boost buyer confidence.
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 Northern Melbourne 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.