In August, Melbourne’s property market saw little change, continuing the trend of the past six months.
Although Melbourne has recorded a decline of 1.0% across the 12 months to date, it is worth noting that the annual fall has been confined to the upper quartile of the market, where values have dropped 2.6%, and days on market are in excess of 70 days; Melbourne’s average sits at 66 days as of August.
In contrast, Domain head of research and economics Dr Nicola Powell reports buyers with tighter budgets wanting to secure homes before year end are quickly snapping up properties in a variety of more affordable suburbs, including those in Melbourne’s outer east.
Private sale properties in Maroondah and Knox have been selling the quickest, with Domain data showing them as having median days on the market of 39 and 40 days, respectively, in the six months to August.
PropTrack senior economist, Eleanor Creagh, believes an uplift in real estate activity across all capital cities is likely this spring. This would see more properties come to market in Melbourne; however, she expects there will be more active buyers to support this. Her colleague Paul Ryan agrees, while also predicting Melbourne’s home values would either remain flat or rise slightly across this period.
Those seeking a rental property will be relieved to find that vacancy rates have steadied, as has rent growth which has been flattening across the year. In August, rental growth in Melbourne was up just 0.1%, which is the smallest month-on-month movement in the capital cities rental index since June 2021.
In Noel Jones office news, August saw Doncare awarded the Noel Jones CSP annual grant. The CSP annual grant awards one recipient from the previous year a further $5000 towards their endeavours. We hope this grant will help them to continue offering essential services across Melbourne’s east, including counselling, emergency relief, and social support. We’re proud to be just one small part of their mission of empowering individuals and families!
With spring upon us, it’s the perfect time to buy and sell real estate. To make enquiries, contact your local Noel Jones agent via phone or at noeljones.com.au
