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 inner Melbourne.
Welcome to The Report Richmond & Surrounds 2023
Welcome to the 2023 edition of The Report – your exclusive annual guide to the residential real estate market in Richmond 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.
In Richmond, momentum is building in the property market, with low stock levels and rising construction costs creating a sense of urgency among buyers looking for turnkey and well-renovated properties. This healthy competition is securing robust clearance rates and excellent results for our vendors. However, interest rate hikes have priced some first-home buyers out of the market and forced some young families to sit tight in smaller inner-city homes rather than upsize.
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 pressure on rental prices, and this may be further exaggerated by the dual impact of increasing migration and the return of overseas students.Construction costs have limited new builds and developments, and we expect to see this translate into solid price growth for modern apartments in the coming months. In this post-pandemic market, we anticipate that a lot of people will want to return to the convenience of inner-city living. This, combined with expected population growth and the
pent-up demand caused by recent low stock levels, ensures the Richmond 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 Richmond and its surrounding suburbs 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.
