Melbourne’s property market continued to show resilience through March, with values holding firm and modest growth recorded across most markets, despite a shifting economic backdrop.
Nationally, home prices rose 0.3% month-on-month, extending the current upswing, although the pace of growth has begun to ease. As noted by PropTrack, momentum in home prices has slowed following recent rate increases, signalling a more balanced phase of the market.
Locally, the latest data from the Real Estate Institute of Victoria shows Melbourne’s median house price reached $991,500 for the March quarter, up 1.9%, while units increased 1.1% to $659,500. While growth remains positive, results continue to vary across suburbs, reinforcing the importance of local knowledge and tailored strategies.
As we move further into April, the market remains active, but more considered, with both buyers and sellers taking a more measured approach.
At the same time, consumer confidence remains subdued. The ANZ-Roy Morgan Consumer Confidence Index recently fell to a 50-year low, reflecting the impact of higher interest rates and cost-of-living pressures, even as unemployment remains relatively low.
Encouragingly, demand has not disappeared. Buyer enquiry levels remain steady, and well-presented homes continue to perform strongly, particularly when priced in line with current market conditions.
We’re also starting to see the usual seasonal shift as we move into the cooler months. Activity typically eases slightly at this time of year, with fewer new listings coming to market. While things may feel a little quieter, serious buyers are still active, and quality homes continue to attract strong interest.
Looking ahead, interest rate movements will remain a key factor. With further changes still a possibility, the market is expected to continue tracking at a more sustainable pace rather than the rapid growth seen in previous years.
Overall, the current market can be best described as stable, steady, and more considered, while still delivering solid results. For both buyers and sellers, informed decision-making and strong local guidance remain key.
