Update Spring 2024
In summary
The Melbourne property market is at an interesting juncture. With increased buyer and seller confidence, strong auction clearance rates, and historic low vacancy rates, there are promising signs for investors.
We are seeing some early signs of a boost in confidence in both buyers and sellers and auction clearance rates have remained strong showing a significant depth of buyers in the market.
There is significant “inbuilt equity” in the undervalued Melbourne housing market at present but not all Melbourne property is created equal – you need to know where to buy, what to buy and what suburb is ripe for investment.
One thing is becoming clear, if you wait around until interest rates fall, all you’re going to be doing is playing tug-of-war with owner occupiers over the best properties. With vacancy rates at historic lows, rentals are skyrocketing in Melbourne Are you wondering what will happen to the Melbourne property market in 2024?
Clearly, the Melbourne housing market has not performed as strongly as some other capitals over the last year, but Melbourne’s property values are expected to gain ground as we move through 2024.
Melbourne home prices were flat in April growing 3% over the last year, while unit values grew 2.5% over the year.
Melbourne’s property values have risen 11% since the onset of Covid, but they are still -4.0% below their previous peak in March 2022.
Keeping an eye on these trends and being informed about specific suburbs will be key for anyone looking to invest in Melbourne’s property market in the coming year. Would you like to dive deeper into any particular area or strategy?
Access to full “Melbourne Property Market Forecast for 2024” report here
Further Summary
- Continued strong population growth
- Lack of Supply with Melbourne requiring homes per annum
- Historically low and tight Vacancy Rates
- Increasing demand for Rental Properties
The above trends, where supply is unable to keep up with demand will result in capital growth potential + higher rental yields = an astute investors dream position.
Ask us where to Invest? Click here …
Is now a good time to invest in property in Melbourne ?
where should I be investing?
