Two key economic signposts point to property market recovery in Melbourne
The two key stats that will be raising eyebrows are the falls in number of days on market before sale and falls to price discount levels.
The two key stats that will be raising eyebrows are the falls in number of days on market before sale and falls to price discount levels.
House prices are now rising in all Australian cities despite the world still being in the grips of a pandemic.
Of all the property blows that have been landed since the onset of the COVID-19 pandemic, it’s houses in Melbourne’s high-end suburbs that have copped it the worst.
S&P Global Ratings say the second Melbourne COVID lockdown and lack of migration will hit house prices by 10 per cent.
Auction clearance rates might be looking a little healthier of late but economists say a housing oversupply and uncertain buyers will see house prices still drop by around 10 per cent this year.
Prior to the coronavirus nightmare Melbourne’s median house price rose two per cent in the March quarter but is expected to start falling from this point.
The renewed surge in house prices of late is welcome news for some but could see a return to some more macroprudential tightening.
Melbourne’s median house price has risen for the first time in 18 months, reflecting growing sentiment that the market downturn is over.
Improving auction clearance rates in Melbourne suggest house prices will rebound over the next 12 months but leading economist Shane Oliver says any upswing in prices could remain fairly constrained.
A lot of Melbournians start thinking about the warmer air in Brisbane this time of year and investors might also want to start thinking about property there.