Market Update | July 2024 Edition

The Melbourne market delivered results that differed from most Australian capital cities across June and the second quarter of 2024.  

While our nation saw an increase in dwelling values of 0.7% across the month, Melbourne saw a marginal decrease in house and unit prices, down 0.2% and 0.3%, respectively. It also recorded a decline in its overall dwelling price of 0.6% in the June quarter. 

While some Melbourne areas show annual price falls, those in municipalities where Noel Jones’s offices are located have grown. The City of Maroondah leads this trend, with house and unit medians increasing 6.4% and 3.8% year-on-year.  

Core Logics Tim Lawless reported that a housing undersupply across most of the country is the primary factor keeping upward pressure on property values. Melbourne, however, is not experiencing issues with stock levels.  

Instead, it maintains robust listing numbers, with the latest data showing figures 17.5% higher than a year ago and 13.5% above the 5-year average. This increased inventory is a steadying force against the price inflation observed in other markets, where stock levels are considerably lower. 

The vacancy rate in Melbourne’s rental market has improved steadily in 2024, reaching a six-month high of 1.2% in June.  

This is common in winter; however, the current rate is notably higher year on year. This trend indicates a gradual easing, potentially relieving some of the strain on renters while moderating the pace of rental price increases. 

Several government initiatives should create further stabilisation, including a strategy expected to result in a migration decline, removing demand on rental housing as new arrivals acclimatise to their surroundings.  

There are also efforts to boost home ownership through programs like the Home Guarantee Scheme, while stage 3 tax cuts are expected to offset the challenge of higher interest rates and increase the borrowing capacity of some buyers. PropTrack economist Paul Ryan believes these changes could particularly benefit first-home buyers and the lower end of the market. 

If you have any property-related questions, we’d be happy to assist. Contact your local Noel Jones agent via phone or at noeljones.com.au  

Share:

More Posts

20 Activities To Keep Your Kids Entertained These Winter School Holidays

Winter school holidays bring plenty of excitement for kids and a bit of a challenge for parents looking to fill the calendar. But fear not – from Doncaster to the Dandenongs and everywhere in between, we’ve rounded up 20 family-friendly activities to help you make the most of the July break. Whether you’re after indoor fun, outdoor adventures, or low-key

ELEVATE 2025

ELEVATE 2025 delivered an incredible day of learning, inspiration and connection. From powerhouse speakers to real-world insights, our team came away motivated and equipped to finish the year strong. Here’s a look at some of the moments that made it special. Thinking about your next move? Discover what a career at Noel Jones could look like here

Market Update | June 2025 Edition

Australia’s inflation remains steady, with annual growth at 2.4% in April. Underlying inflation, which is the Reserve Bank’s key indicator also sits comfortably within the 2–3% target range, coming in at 2.8%. In response, the RBA reduced the cash rate by 0.25% in May, bringing it down to 3.85%. This marks the second cut this year, providing relief to mortgage

Meet Our June CSP Grant Recipient

Meet Our June CSP Grant Recipient We’re proud to announce Box Hill City Band as the recipient of our June Community Support Grant. This talented group of young musicians, Box Hill Academy Brass, has won the Australian National Band Championships two years in a row and is now preparing to represent Australia at the prestigious New Zealand Brass Band Championships

Send Us A Message

Good Job!

Thanks for taking the time to let me know about your needs.

I look forward to helping you find your new home.​

Buyer Requirements

Thank you!

I’ll be in touch soon with information on the suburb you’re buying in.

Find Out More