Regional Victorian house prices have dropped for three consecutive quarters, which hasn’t happened since 2008, so buyers can find a cheaper deal.
House prices in several Victorian tree-change and sea-change towns have dropped over the past year due to home buyers’ increased borrowing costs and gradual return to CBD offices.
Domain’s chief of research and economics, Dr Nicola Powell, said regional Victorian house prices have dropped for three consecutive quarters, which hasn’t happened since 2008. She said during the lockdown years, there was a surge in demand for tree-change and sea-change properties as people sought lifestyle changes and were working remotely. However, as the market stabilises now, there is now a clear slowdown in migration out of cities.
“A few reductions in the cash rate will do wonders for everyone’s borrowing capacity and affordability in terms of home loan repayments. So I do think that there will be a pool of buyers that are just on the sidelines for the time being, just waiting to see.”“Once we start to see a few rate cuts coming through, that will likely spur buyers back to market… we’re likely to see prices fall, for the coming quarters,” she said.
“Some people locally have had their mortgage repayments go up by 50 per cent making it difficult to cope because the rents haven’t gone up that much. finding that their holiday accommodation is not getting booked as much as well,” he said. “With interest rates increasing over the last few years, people might have been having to sell properties into the market. So there’s probably a bit more of a lack of demand for higher-end properties in those locations.”
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