In September, the number of homes listed for sale across Australia lifted, providing more choice and slowing price growth nationally.
This has been the trend in our capital for the past six months, with the total number of properties available for purchase in September the highest they have been since 2015.
This correlates with Melbourne’s home prices which reflected a minor decline of 0.1% last month and 1.1% across the September quarter, according to CoreLogic data.
Housing markets with lower price points continue to experience robust conditions due to affordability limitations and decreased lending capacity. This is particularly evident in areas where investors are selling, creating more opportunities for first-time buyers to join the market.
Forecasts suggest an increase in available listings as we move through spring and early summer. This remains favourable for prospective buyers, offering an extended timeframe for their property search, a wider range of options, and enhanced bargaining leverage.
The focus on interest rates remains strong, with Nathan Mawby of REA predicting house prices would surge upwards of $10,000 in the space of a month in 188 Victorian suburbs and towns when interest rates fall. The best-performing suburbs historically centre on family-friendly postcodes with good schools, many of which are in the Eastern corridor serviced by Noel Jones offices. These include Doncaster East, Templestowe, Glen Waverley, Vermont and Wheelers Hill.
In Melbourne’s rental market, vacancy rates remain low, recording only a slight increase to 1.3% in the past 12 months. Prices held steady across the September quarter, despite recording annual gains, which will be pleasing to those seeking to lease a property.
Again, Melbourne’s outer East has been highlighted as a top performer for rental providers, with a 2.9% increase in rents across the September quarter and a 13.6% change annually. Prospective investors should consider suburbs in this region, with houses and units continuing to perform strongly.
Now’s the perfect time to consider your next moves in the property market. To discuss your options, contact your local Noel Jones agent via phone or at noeljones.com.au
