Invest
Melbourne property values reach record high
After months of lagging behind other capital cities, Melbourne has finally regained its footing, with values rebounding following a prolonged period of COVID-induced losses and ultimately surpassing previous records.
Melbourne property values reach record high
After months of lagging behind other capital cities, Melbourne has finally regained its footing, with values rebounding following a prolonged period of COVID-induced losses and ultimately surpassing previous records.
Following a decline of 6.1 per cent as a result of the pandemic, Melbourne dwelling values have grown by 6.7 per cent – officially breaching the previous peak recorded in April 2020 by 0.2 per cent, CoreLogic’s latest daily hedonic home value index has revealed.
This brings the capital city’s dwelling values to 13.8 per cent above the dip recorded in mid-2019.
“It had only been a matter of time before the recent strong capital gains in housing values led Australia’s second largest city to move to new record highs,” according to CoreLogic’s executive research director, Tim Lawless.
Moreover, Melbourne’s median value for all dwellings currently sits at $736,478.
The Victorian capital looks to be following in Sydney’s footsteps, where property values reached an all-time high and ultimately broke the record set back in 2017.
Looking ahead, CoreLogic estimates that Melbourne’s price momentum will be skewed towards the upside, with low rates, improving economic conditions and consumer confidence, low supply and high consumer demand tipped to outweigh the headwinds.
In fact, ANZ recently predicted a 16 per cent growth in prices for Melbourne.
However, the big four bank noted that strong growth could slow down by June.
“The first half of 2021 is likely to be stronger than the second half. By June, we expect prices to be rising at a more moderate pace given the end of government programs like JobKeeper and HomeBuilder, and a lift in fixed mortgage rates,” ANZ’s senior economist Felicity Emmett said.
RELATED ARTICLES
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more
