Spring is here, and with it comes renewed energy in Melbourne’s property market.
Metropole reports that values have been edging higher since the first interest rate cut earlier this year. While prices are still a little under their previous peak, the overall trend is upward. KPMG’s Residential Property Outlook has Melbourne tipped to be one of the strongest markets nationally over the next couple of years, with steady growth forecast for both houses and units. Mortgage Choice also notes that many buyers who had been waiting are now stepping back in, encouraged by the prospect of further rate relief and renewed long-term confidence.
Government policy is also helping to reshape the landscape. The Victorian Government’s “Yes In My Backyard” reforms will dramatically cut approval times and costs for new townhouses, subdivisions and second dwellings, helping boost supply and reshape neighbourhoods. From October, the federal government’s expanded 5% deposit scheme will also kick in earlier than planned, giving first-home buyers the chance to purchase with a smaller deposit and avoid lenders’ mortgage insurance. Higher property price caps mean more Melbourne buyers will be eligible, with Treasury estimating tens of thousands could benefit.
Seller confidence is rising too. Realestate.com.au has highlighted that more homeowners are preparing properties for spring campaigns, with an emphasis on presentation and flow. This increased supply is expected to meet strong buyer demand over the coming months, creating a more active and balanced marketplace.
With policy support, improving market conditions and renewed buyer confidence, spring is shaping up as a promising season for both sellers and buyers alike.
At Noel Jones, we’re equally committed to supporting our communities. Through our Community Support Program, we’ve already contributed more than $50,000 in grants – and applications are now open for the next round. Local organisations are encouraged to apply and make a difference in the neighbourhoods we serve.
