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. Properties in the prized Vermont High and Box Hill High school zones remain in high demand, with healthy competition securing robust clearance rates and excellent results for our vendors.
Vacancy rates are at an all-time low, and properties are leasing very quickly across the board, prompting investors to review rents and apply healthy increases where warranted. The dual impact of increasing migration and the return of overseas students is likely to put further pressure on rental prices.
Recent reforms remain a key factor for our industry, underscoring the importance of obtaining the best advice. Land tax increases, interest rate hikes and the tightening of regulations have made it more expensive to maintain rental properties, and as a result we
are seeing an increase in investors looking to sell now.
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 12 months.
Looking ahead, if housing stock remains at current levels, we anticipate continued price growth and a dynamic and competitive market in the coming 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 Whitehorse 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.