Weekly Market Update: 30th January, 2019
By | 30th Jan 19

Catch up on the current property market in Melbourne.

There has been more publicity about the property market nearing the end of this down cycle.  Recent commentary suggests that the markets bottom end could be March/April this year.

Despite the doom and gloom talk in the Melbourne market place, the city’s median house price increased 1.4% from $815,000 in 2017 to $826,500 in 2018 and the December quarter presented more opportunities with a 3.7% reduction.  The outer suburbs of Melbourne have seen some massive growth with Mt Martha, Officer, Cranbourne North and Hampton Park leading the way for growth in 2018. 

It is taking longer for buyers to get finance and have their home loans approved.  This has definitely affected the auction clearance rates as many buyers are not able to obtain finance in the four weeks of an auction campaign.  This will continue to affect buyers and has been further influenced by the Royal Commission findings.