While there is a perception that the market is suppressed, at the coalface it is a very different picture. A limited supply of property for sale has underpinned strong clearance rates this year, keeping a firm floor under prices.
Interest rate rises and cost-of-living pressures have failed to dampen demand for premium quality property. Momentum is building around quality homes, with 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 purchasers have demonstrated they are prepared to dig deeper to be in control of their own destiny, creating healthy competition and securing robust clearance rates and excellent results for our vendors.
International buyers and expats are flocking back to Melbourne in search of established family homes on larger blocks in well-serviced areas. The impact of increasing migration, including the return of overseas students, is putting pressure on vacancy rates and rental prices, drawing investors keen to capitalise on the potential gains in capital growth and healthier rental returns.
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 Boroondara and Stonnington 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.