High interest rates and increased property taxes are taking their toll, but not all suburbs are affected equally.
Melbourne’s property market has started to soften as high interest rates and increased property taxes take their toll, but some neighbourhoods are stronger than others.
Melbourne home values are 0.3 per cent lower than they were at the start of the year, a subtle downturn after tracking sideways in recent months. “The Victorian property market in particular has been a bit more sluggish,” CoreLogic head of research Eliza Owen said. Sydney home values are up 2 per cent over the year to date, while Perth has risen 9.7 per cent.
SQM Research managing director Louis Christopher said the Melbourne property market is treading water and has been patchy this year.Victoria has had a larger net interstate outflow of residents than other states while higher property taxes have discouraged investors, Christopher said.
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