As pandemic conditions continue to ease around the globe, the welcome return to normality has ushered in a more measured and mature housing market for 2022.
Post-lockdown, a perfect storm of low interest rates, pent-up demand and limited stock caused prices to surge across Melbourne at a rate not seen in decades. As the frenzy settles and interest rates rise, price growth has eased to a steadier rhythm, with buyers increasingly drawn to quality accommodation with a focus on liveability. Priorities have changed, and properties with “pandemic appeal” such as more space, great work-from- home facilities and a location close to retail, education and recreation facilities remain highly sought after.
The Whitehorse market continues to perform quite strongly in all segments and price points, with a real appetite for aspirational properties resulting in a much higher number of transactions in the $2–3 million bracket. Given the supply chain issues globally and the cost of building new homes dramatically increasing, we expect price growth in the high-end established home market to continue.