Top growth suburbs over the last three month period ending 30 June 2024. The Melbourne property market has seen some moderate gains throughout 2024, but it has been inconsistent. In comparison to other states of Australia, it hasn't outperformed. However there have been some standouts in the last quarter, many areas within the metropolitan Melbourne location achieving double digit returns in both...
Rental Market Snapshot: According to the The Real Estate Institute of Victoria (REIV) :- The proportion of vacant properties in metropolitan Melbourne stands at approx. 2.2% 30 June 2024. This has remained steady for the first six months of 2024 where it was at 2.3% ending 31 December 2023. The proportion of vacant properties in regional Victoria stands at approx. 2.1% as at 30 June 2024. This has...
Why should you invest in Victoria? Macro factors that drive fluctuations in the economy also influence the property market. While property markets are cyclical, quality residential properties in good locations held for the medium to long term, have historically performed and remain one of the most robust and popular investment options. Experienced investors understand that downturns are often...
After the first quarter of 2024, there were many suburbs fetching higher price tags and have accumulated greatly than what was seen in 2022-2023. This is the first quarter in many consecutive quarters that Toorak was not on top. Brighton took top spot at $4,135,000, with Portsea taking second at $4,100,000. Malvern, Toorak and Kew rounded the top 5 with $3,265,000, $3,072,500 & $2,980,000 respectively....
Top growth suburbs over the last three month period ending March 2024. Property supply is in short supply, while demand remains above average. Buying activity to still relatively consistent but the market is in a period of quietness to some degree. There were many areas within metropolitan Melbourne achieving double digit returns in median property prices, however unit price growth outperformed with...
Rental Market Snapshot: The Melbourne property market sees a great need for housing. This trend has remained consistent for 12 months, particularly as interest rates has influenced more people to rent over buying their own home. According to the The Real Estate Institute of Victoria (REIV) :- The proportion of vacant properties in metro Melbourne stands at approx. 2.1% 31 March 2024. . This has...
As the calendar year came to a close, there were many suburbs fetching higher price tags and some new suburbs reaching the million dollars. Toorak continues to hold the top spot at $4,426,600 while Flinders was a closer third at $4,425,000 (however there were less than 30 sales in the quarter for the suburb). Round the top 5 were three suburbs all surpassing the $3M mark, Red Hill, Canterbury &...
Top growth suburbs over the last three month period ending December 2023. The Reserve Bank of Australia (RBA) has kept interest rates on hold since November 2022 with the inflation rate starting to come down. There were many areas within metropolitan Melbourne achieving double digit returns in median property prices, however unit price growth outperformed with many suburbs enjoying strong returns. Here...
Rental Market Snapshot: The Melbourne property market continues to see a a further supply in rental properties, resulting in continued decreased vacancy rates. This trend has remained consistent for 12 months, particularly as interest rates has influenced more people to rent over buying their own home. According to the The Real Estate Institute of Victoria (REIV) :- The proportion of vacant...
Why is property rent so high in Melbourne? There are several factors that contribute to high property rent in Melbourne. Supply and Demand: Melbourne is a rapidly growing city with a booming population. High demand for rental properties often outstrips the available supply, leading to higher rents. Limited Land Availability: Melbourne is geographically constrained, surrounded by water and green belts,...