The CBD that expected to pass Sydney's population by 2026 it’s just dormant

Melbourne is a truly magnificent city in which to live, work and study.



Melbourne's inner-city atmosphere is fuelled by a creative, culturally diverse community and is globally recognised as one of the most concentrated dining and fashion cultures in the world. 

Victoria has firmly established itself as Australia’s best visitor destination, with growing demand from all over the world to experience our wealth of diverse tourism offerings prior to the coronavirus (COVID-19) pandemic.

Corelogic last reports show that due to lockdown and restrictions the amount of listing has dropped drastically and that would put even more pressure on the supply and demand system of real estate.

The latest Corelogic figures, for August, reveal property values rose 1.2 per cent, and are now up 13.1 per cent over the year.

The current median value for a dwelling is $770,000 after further advancing an additional $8000 over the month of August.

Melbourne house prices grew by 1.4 per cent, to be up 5 per cent for the recent quarter and 15.6 per cent for the year to date.

The average house in Melbourne is now selling for $954,000 while the median for units and apartments is now for $616,000.

A typical Melbourne house is now $130,000 more expensive than it was at the end of January this year, while units have experienced a gain of $115,000.

Property experts expect prices to surge post-lockdown due to tempered demand for homes and the supply of properties for sale tightening.

In addition a lot of building developments and approvals have come to a complete halt which will create an even bigger problem when borders reopen.

This is the perfect time for savvy property investors to jump on opportunities that others can’t see or can’t act on.

Buying within a 4km radius of the CBD or taking advantage of exclusive developments in pockets of Melbourne that most people can’t afford.

Melbourne housing market forecasts by the big Banks
Westpac is expecting Melbourne dwelling values to rise 10 per cent in 2021 and 2022, with the market moving into a sustained boom.
CBA forecasts property prices would rise by 8 per cent in 2021 and 6 per cent in 2022, with house prices to rise 16 per cent in that time and unit prices by 9 per cent.
NAB is currently forecasting house price growth of around 10 per cent for Australia’s capitals in 2021, with apartment price growth likely to be a bit more subdued, particularly in Melbourne.
ANZ recently said it expects Melbourne’s house prices to lift by of 16 per cent over the course of the year.

This is the time to take action before the forecasts become reality and more people will become priced out of this Housing Market.

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