Greater Melbourne’s leafy suburbs which spiked in buyer demand during the pandemic have fallen drastically, with experts predicting a plunge in prices
“In some of these areas, we will see some price drops, and it’ll especially be those areas where competition was so fierce during the pandemic that it was pushing prices up,” Ms Flaherty said.
“During the middle of the pandemic, when we could have home openings, we were tracking 12 to 15 people per inspection but now we’re back to three or four, which we consider the long term average for our area.”Tasmanian oak kitchen with a wall oven, hotplates and dishwasher. Another area that had skyrocketing demand in the pandemic but has dropped significantly is Bunyip, about 81km out of Melbourne’s CBD in Gippsland.
Similarly, Harkaway, 39km southeast of the city, grew in buyer interest 28.8 per cent between March 2021 and 2022, but fell 31.4 per cent between March 2022 to 2023.
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