Melbourne’s Real Estate Market Update

- Update from Barry Plant -
Let's get started with a market update..

UNPRECEDENTED DEMAND

Over the last 2 years we have seen an unprecedented demand for property and a reset in regards to peoples needs. We have seen:  People upsizing because of work at home conditions. Downsizing to free up equity for retirement. Relocating for lifestyle benefits such as sea changes, tree changes and rural moves. This has affected property prices in most sectors with property prices rising significantly over the last 2 years.

THE LATEST STATS

At the start of the pandemic the Median Price for a house in Melbourne metropolitan was $864,000 and it is now approximately $1,125,000. That’s an increase in the medium price of $261,000 over 2 years which is just over 30% for a house.

The Units medium was at $637,000 at the last quarter of 2019 and is now $692,000 seeing increase in the median of $55,000 which is around 8.6% over the last 2 years

HOUSES VS UNITS

There is an obvious discrepancy between the growth in house prices opposed to units. Please keep this in mind when pricing up your feasibilities and get good advice from your real estate agent.

The current clearance rate for Melbourne Metropolitan is 76%

MARKET PREDICTIONS

We are expecting to see the real estate market settle down into more REAL market conditions with a flatlining on growth for the next few months. We are already noticing lower levels of interest and less people bidding at auctions. The reality is that we need the market to settle as the pandemic rise was unsustainable.

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WANT TO FIND OUT MORE?

Barry Plant are here to help, so don’t hesitate to get in touch for a chat with Dean if you have any questions or concerns. Give Dean a call on 0400 446 186  or contact via email

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