MARKET UPDATE 16th JANUARY 2024
By Advantage Property | 16th Jan 24
Melbourne’s residential vacancy rate continues to tighten as it has now dropped to 2.3%, which is well below the balanced market rate of around 3%. Median house rents for houses has increased from $515 to $550 per week in the last year and units have gone up much more from $460 to $530 per week which is good news for unit and apartment owners for a change.
https://reiv.com.au/property-data/residential-rental
Many experts were talking about a property slump last year but they got it totally wrong. Some of Melbourne’s suburbs such as Balwyn and Wheelers Hill increased by around 7%. There were over 218 suburbs where values grew last year despite six interest rate rises.
There were many commentators that were suggesting there would be a big crash because one million borrowers were coming off their fixed rate cliff. Though, this has not happened and most commentators are now expecting 2-3 rate cuts this year and house prices to increase by around 5% on average.