Melbourne Property Market Update

The median price of Melbourne’s property market leading into 2024 has sustained continued growth, with approximately 90 per cent of Melbourne homes recording growth.

Multi generational living has grown in Melbourne in recent years, with new developments in the city’s east specifically catering to this rising buyer segment.

Despite early forecasts of a property price crash, Australia’s housing market has held up well, with signs that it will continue to improve in 2024, notably in Melbourne.

The fast recovery in Melbourne implies that the pandemic-induced stop in property buyer and seller activity was more of a pause than a cyclical or economic decline. While the current year will go down in history as a peak year for Australian real estate, with home prices rising 21.9 percent, economists expect the market to cool in later parts of 2024, especially when the fear of missing out passes.

Melbourne Property Investment

Melbourne Property Market overview 2024

With increased sellers looking to put their property on the market, meaning buyers will have a much larger array of choice when it comes to property. Panic buying as a result will not happen as often due to this increased range of property which is available on the market. It is seen that Melbourne is the only east costal city which has exceeded the 5 year average for total listings in this current year, meaning that these numbers should exceed further into 2024 when the pandemic restrictions are eased further and buyer panic is alleviated, with auction clearance levels have also rising to booming rates.

Houses which are nearby to the Melbourne capital are consistently in high demand, and will continue to attract buyers in 2024.

Melbourne, 350 Collins Street, 3000 Victoria
Melbourne, 566 St Kilda Road St Kilda, 3004 Victoria

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