Melbourne property market is gaining momentum

Properties in Melbourne are finally starting to trade hands as the market starts to gain momentum.

Dwellings that have been hanging around on the market for months have started to sell indicating the downturn has finally ended.

Due to a shortage in homes for sale, those properties that have not been selling over the last year have now started to attract the interest of buyers.

Dylan Francis from Jellis Craig in Fitzroy told Australian Financial Review buyers started contacting him not long after after the Liberal Party’s surprise election win.

Having said that, it’s still taking much longer to sell a property than it did at the same time last year.

Domain data reveals that to July this year it takes an average of 83 days on the market before a property sells compared to just 48 days to the July last year, so there’s still a way to go before Melbourne shakes off the cobwebs from the downturn.

Domain economist Trent Wiltshire spoke to AFR.

“The market slowed dramatically between mid-2018 and mid-2019 when buyers were very cautious,” he said.

“This data is still capturing some of this softness.”


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