2/6 Australia’s Property Market All About The Rate Hikes ~ Victoria
Let’s discuss the Victorian market after the rate hikes in Australia.
Buyers are meticulously assessing each listing in their pursuit of a good purchase, showing little interest in renovation or development projects. The scarcity of renovated houses is driving up prices. There are two types of buyers: one waiting for the market to reach its lowest point before acting, and the other remaining interested despite reduced borrowing capacity.
In Melbourne’s rental market, there has been strong annual growth of 10.1% in the 12 months leading up to February. The surge in demand for units is driven by return-to-office mandates and the return of international students. Regions in Victoria have seen reasonable price declines but have maintained strong net gains from the pandemic rush.
We hope you are finding this series interesting. Join us next time when we explore the Queensland market after the rate hikes.
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