The Melbourne property market in 2024 is experiencing significant changes. Whether you’re a first-time buyer or an experienced investor, this is an important time to pay attention to market trends. Below is an overview of the latest developments in Melbourne’s real estate landscape to help you make informed decisions.
1. Property Price Trends
According to recent data, Melbourne’s property prices increased by 0.5% in October 2024, with the median price reaching $793,000. While annual growth has been relatively flat, with a slight decline of 0.07%, Melbourne remains one of the most affordable major cities in Australia.
Experts forecast a 3% to 6% increase in median prices for the 2025 financial year, equating to a rise of approximately $27,000 to $55,000. This growth is attributed to Melbourne’s relative affordability compared to Sydney and potential tax incentives.
2. Record-High Property Listings
Melbourne’s property supply hit a 12-year high in 2024. The number of new listings in September and October increased by 16% year-on-year, giving buyers more options than ever before.
With auction clearance rates hovering around 50%, the rise in supply has reduced pressure on buyers, creating a favorable environment for negotiation and exploration.
3. Investment Potential
Melbourne is currently regarded as a “bargain zone” in Australia’s real estate market, making it attractive for investors. Compared to other cities, Melbourne’s property prices are stable, and the market presents opportunities for significant long-term returns.
Emerging areas in the northern and western growth corridors, supported by new infrastructure projects, are becoming investment hotspots. These regions are ideal for investors looking to capitalize on future growth potential.
4. Buyer Sentiment and Market Outlook
While the market is showing signs of recovery, buyer sentiment remains impacted by rising living costs and reduced borrowing power. However, experts predict that as economic conditions improve and interest rates potentially decline, Melbourne’s property market will experience a stronger recovery.
Additionally, Melbourne’s newly developed infrastructure, including schools, metro lines, and shopping centers, will further enhance property appeal and value.
Conclusion
Melbourne’s property market is in a phase of adjustment and recovery. Whether you’re buying for personal residence or investment, the current increase in supply and price affordability offers excellent opportunities for buyers. With ongoing market recovery and infrastructure improvements, Melbourne’s real estate market is poised for long-term growth.
If you’re interested in Melbourne’s property market, feel free to reach out to Core Elite Real Estate. Our professional team is here to provide you with the latest insights and personalized advice to make your property journey seamless.
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Disclaimer
This article provides general information and does not constitute financial, legal, or investment advice. Figures and trends mentioned are based on current data and are subject to change. Please consult with qualified professionals or refer to authoritative sources, such as CoreLogic or the Australian Bureau of Statistics, for specific advice. Core Elite Real Estate is not responsible for decisions made based on this content.
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