News

Two key economic signposts point to property market recovery in Melbourne

18 December 2020

Some key economic signposts are pointing towards a solid 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 to price discount levels.

The new data shows that houses and apartments in Melbourne inner-suburbs are being listed for fewer days and not being discounted as much, but it hasn’t yet given much of a boost to flat prices.

Days on market for houses in these sorts of suburbs has fallen from 73 days to 68 days since November last year.

The stats are similar for apartments, with days on market falling from 84 to 72 over that same period.

As for discounted prices for both houses and apartments, they have fallen from 5.1 per cent to 3.9 per cent from the same time last year.

Domain senior research analyst Nicola Powell spoke to Domain.

“At the moment, buyers have a little bit more time and can make the right decision and wait for the right home,” she said.

“But if we were in a rapidly rising market I would have very different advice.”

Michael Armstrong from Kay & Burton in South Yarra told Domain buyers were looking for their perfect family home with all the features that could get them through another lockdown.

“I think family homes have been the strongest part of the market this year,” he said.

“When we re-opened after lockdown there was a noticeable gap between where buyers were and where vendors were.

“Since the start of November, that gap has definitely started to narrow.”

Latest

The rapidly escalating housing boom hasn't stopped the RBA from keeping the official cash rate on hold for another month.

Read more

The property boom in Australia is quickly gathering momentum, with house prices rising faster in February than they have for 17 years.

Read more

The vast majority of Australia’s mortgage brokers want to see more support from the government in 2021.

Read more

The high-end property markets in Perth, Brisbane and the Gold Coast are outperforming the powerhouses of Melbourne and Sydney.

Read more