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 Port Phillip.
Welcome to The Report Port Phillip 2023
Welcome to the 2023 edition of The Report – your exclusive annual guide to the residential real estate market in Port Phillip and beyond.
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Interest rate rises and cost-of-living pressures have failed to dampen demand for premium quality property, with momentum building around premium quality homes and the top end of the market continuing to perform strongly.
Interest rate rises and cost-of-living pressures have failed to dampen demand for premium quality property, with momentum building around premium quality homes and the top end of the market continuing to perform strongly. Low stock levels and rising construction costs are creating a sense of urgency among buyers looking for turnkey properties, and this healthy competition is securing robust clearance rates and excellent results for our vendors.
A scarcity of rental properties has intensified competition, and the impact of increasing migration is likely to continue to place pressure on rental prices.
While rising construction costs have limited new builds and developments, strong demand and solid returns have bolstered developer confidence, and we expect to see a resurgence of development activity in the coming months.
Looking ahead, the combination of robust population growth, a tight rental market and a pent-up demand caused by recent low stock levels all point to increasing prices for quality homes over the next 12 months.
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 Port Phillip 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.
