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The Melbourne property landscape in July exhibited minimal changes, largely mirroring trends observed in recent months.
Our nation’s capitals saw varying results across the month, with Melbourne’s overall dwelling value recording a minor decrease. Year-on-year, however, the figures still reflect modest growth.
The Domain Forecast Report Financial Year 2025 predicts that Melbourne house prices will remain relatively stable over FY25, forecasting growth of up to 2%; unit prices are estimated to see a higher rate of increase, between 2% to 4%.
With Melbourne not experiencing the undersupply of housing that is driving increased prices across much of the country, the perception of value compared to other cities is starting to build.
In the rental market, recent trends have shown a dual shift: rental prices have stabilised, while available properties have become more plentiful, easing some pressure on those seeking accommodation. This is despite the number of rental providers leaving the market continuing to outpace those entering it due to significant changes in land taxes, holding costs, and Victorian rental laws. This shift presents a silver lining for aspiring Victorian homeowners, expanding their purchase options.
During their recent meeting, the RBA held interest rates steady at 4.35%, although many economists predicted they may announce an increase. Following the meeting, Ms Bullock acknowledged the board considered both a rate rise and a hold but said a rate cut was “not on the agenda in the near term.” This continued stability could spark action among hesitant purchasers and investors, with no reduction in rates forecast in the next few months prompting them to move forward with their intended strategies.
Earlier this month, the wider Noel Jones team came together at the Grand Hyatt for the EOFY 2024 Awards Night, an event to celebrate the business’s success in FY24, while recognising our top performers and team members who truly embody our core company values. Congratulations to each of our outstanding award winners.
If you’re keen to buy or sell in the spring market, we’d be happy to assist. Contact your local Noel Jones agent via phone or at noeljones.com.au
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