A jump in house prices of 24 per cent in a year and a half is not insignificant, but there’s a key reason Melbourne’s upswing was not as extreme as elsewhere
in the 2020-21 financial year, as international students left and city dwellers moved regionally, ABS figures show. Sydney lost only 5150 people in the same period.Though Melbourne’s house prices did not increase by as much as other capitals, the boom was still“Melbourne didn’t see as strong rates of growth as Sydney, and I think that places Melbourne in a less vulnerable position for price falls,” she said. “That’s good news for Melbourne’s homeowners.
Oliver expects peak-to-trough falls of 15 per cent in Melbourne, while the Sydney, Brisbane and Canberra markets are expected to come back 20 per cent.Constant stay-at-home orders had hit Melbourne buyers’ and sellers’ confidence more than other capital cities, Oliver said. “A lack of international migrants saw the rental vacancy rate blow out … that affected investor demand,” Oliver said.
Lazaros Nikopoulos had been considering selling his home earlier in the pandemic, but with so much uncertainty decided to wait. Nikopoulos is upsizingWith two growing sons, the family needs a bigger house, making the hard decision to list this year. The selling agent, Ray White Brunswick’s Alex Ilyin, said buyer confidence had improved since the earlier days of COVID.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Melbourne Tinder swindler eligible for parole after having jail time cutOne of the Melbourne Tinder swindler&x27;s victims fears he will continue to steal money from women he meets on dating apps when released, after his jail time was reduced on appeal.
Read more »
Uber Eats, DoorDash hit as top Melbourne restaurateur quits all delivery appsThe chief of upscale Melbourne hospitality group Lucas Restaurants has pulled its restaurants off Uber Eats and DoorDash in the wake of Deliveroo’s sudden exit from the Australia market | hijessicayun
Read more »
Medical cannabis provides positive results for children with autism in Melbourne studyA groundbreaking new trial of medicinal cannabis in Melbourne has uncovered positive results in treating children living with autism.
Read more »
Code switch: Joel Selwood takes his leadership nous to Melbourne StormGeelong premiership captain Joel Selwood has taken up a role in the leadership program at Melbourne Storm.
Read more »
Letting their hair down: Melbourne wig business turns 65Longtime customers have helped Creative Wigs founder Abe Lourie, 93, celebrate more than six decades in business. | CarolynAnneWebb
Read more »