With a population of almost 5 million, the Melbourne property market is constantly growing to meet the demand of the growing city.
How is the market currently?
Compared to Melbourne’s peak in property prices two years ago, values have dropped 11.1%.
Apartments are taking over as the favored style of living for the younger generation in Melbourne. Due to the preferred style of living for tenants, inner-city apartments make smart investment properties.
Apartments are also generally lower in entry costs and are therefore the preferred choice for many first home buyers. Buying new or off the plan apartments is also becoming increasingly popular due to the governments first homeowners grant only applying to new homes.
Where is the market headed?
The Melbourne property market has already seen some property prices increase in value by considerable amounts in some areas. The recent cash rate drop introduced by the Reserve Bank of Australia has presented signs that they are having a positive impact on housing market conditions.
Domain economist Trent Wiltshire predicts that house and unit prices in Melbourne will increase by 1 per cent between by the end of 2019. Wiltshire also predicts that house prices will rise by 1-3 per cent and unit prices by 0-2 per cent in 2020.
Melbourne is ranked as one of the 10 fastest-growing large cities in the developer industry. Within the next 4 years, the cities population is likely to increase by 10%.
Melbourne is a continuing hotspot for tourists, migrants, investors and developers. If you are a developer in the Melbourne region, click here to contact SSKB Developer Consultancy.
SSKB is the respected name in Strata management with decades of experience managing Body Corporate and Owners Corporation developments across the east coast of Australia. SSKB Developer Consultancy division prides itself on attention to detail. Talk to our team today to discover how we can minimise developer risk and increase your profit margins.