Market Update July 2023

The commencement of the new financial year saw Melbourne’s real estate market maintain its impressive progress in several key areas, aligning harmoniously with the growing momentum observed throughout Australia.

The recent streak of robust sales results, coupled with increasing confidence, is undeniably encouraging sellers to rejoin the market, consequently bolstering the supply of property. This increase in seller motivation is offering potential buyers a more extensive array of choices, and while the current listing levels still fall short of those from a year ago, the discrepancy in Melbourne’s listings is narrower than the majority of our nation’s capitals.

Migration continues to have a favourable impact on the local property market. The latest foreign investment data reveals increased activity from overseas homebuyers, with demand for Melbourne houses growing as increasing numbers of overseas families and new migrants compete for houses in high-performing school zones. PropTrack data reported that in the last financial year, Chinese-based searches for Victorian property on REA increased 42.88% when compared to the previous 12 months.

Locally, we have also witnessed the distinction between clearance rates for houses and units that are taken to auction expand further. This divergence once again underscores factors like affordability, diminished borrowing capacity, and perceived value. It could also mirror a sense of caution regarding interest rates; however, positive news may be on the horizon.

Prominent figures in financial circles, including Commonwealth Bank CEO Matt Comyn and NAB group chief economist Alan Oster, suggest that interest rates may be approaching their peak. The appointment of Michele Bullock as the new Reserve Bank Governor is seen as potentially positive news for property owners. The recent pause of rate increases for two consecutive months fosters optimism, and a continuation of this trend would be a welcome development for those planning to transact in the upcoming Spring market.

Melbourne’s rental market also continued to hold strong, with vacancy rates remaining stable at 1%. This saw it outperform the national trend, which recorded a drop for the first time this year.

While rental availability in our state’s capital has risen for the fifth consecutive month, this upturn has failed to generate an elevation in the vacancy rate, with migration also having an impact on this sector of the market.

With Spring just around the corner, now is a great time to consider the next steps in your property journey. Call your local Noel Jones office or contact us via noeljones.com.au.

 

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