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As we move from autumn into winter, we do so with a continued level of consistency across the Melbourne Real Estate market.
CoreLogic data from May shows a 0.1% increase in the average dwelling price across Melbourne for the month, in line with the trend seen across most Australian capital cities.
Auction clearance rates remained stable in May, averaging just under 60%. This was around 11% lower than those recorded in May 2023, something that could be attributed to Melbourne’s 34.8% upsurge in property listings year-on-year, the largest increase in the country.
The good news for those looking to sell is that demand from buyers is still greater than the available supply, with A-grade homes and investment-grade properties remaining in strong demand. This, coupled with the ongoing stability of interest rates, makes it a great time to buy or sell property.
The stability of Melbourne’s rental market reflects that of the sales space, with little variation month-on-month.
Of interest to both renters and rental providers will be the newly proposed minimum rental standards relating to energy efficiency.
The proposal involves things such as installing R5 standard insulation, sealing gaps and draughts, providing a fixed electric heater and air conditioner in the main living area, and replacing old hot water systems and other appliances with electric options when the existing ones reach the end of their lifespans.
Stakeholders have expressed concerns about the financial strain this may cause rental providers and potential impacts on rental supply if more investors exit the market and the likelihood of increased rents to assist in the cost of these upgrades.
The government emphasises that the upgrades will save renters money on household bills and improve property resale values for owners, while Jennifer Beveridge, CEO of Tenants Victoria, said the living standards of one-third of Victorians would improve as a result of the proposal.
The consultation period for these propositions ends July 1st 2024, and decisions and statements of reason will be published in October 2024.
Contact your local Noel Jones agent via phone or at noeljones.com.au to discuss your next property moves.
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I look forward to helping you find your new home.
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