High inflation and rapidly rising interest rates make it a pertinent time to keep a close eye on Melbourne’s property market, to keep track of what these strong economic levers are doing to the market.
It will soon be Australia’s most populous city and now Melbourne could be emerging as the nation’s most attractive capital city property market when it comes to affordability.
Property values are soaring in Melbourne, which now has a median house price of over $1 million, compared to around $770,000 five years ago.
The worm has turned in the Melbourne property market in favour of buyers as a surge in listings floods the market and puts downward pressure on prices.
There are growing fears for the increasing number of Australians who don’t own property they face a very uncertain retirement.
The recent property market surge was largely driven by housing supply issues and now as our international borders begin to open again, fresh demand could surge prices once again.
Will house prices keep going up once the international border is open again?
The property boom in Australia is quickly gathering momentum, with house prices rising faster in February than they have for 17 years.