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Melbourne’s property market won’t stop until demand from COVID lockdowns has eased and interest rates increase.
Though the winter months may ease some of the excitement, house prices are assumed to continue rising until the end of the year, and well into next year.
Most suburbs of Melbourne have gone up, recovered and gone beyond where they were before COVID hit.
In the last few months, we’ve seen about 20 per cent growth across Melbourne including popular areas like Craigieburn, Epping, Thomastown, Lalor, Roxburgh, on average and it seems there’s still a way to go.
We will start to see it slow down as first homebuyers achieve their goal but there will still be plenty left over the next few months.
Melbourne’s median house sale price surpassed $1m for the first time in the first three months of 2021, after a staggering 8.8 per cent quarterly increase, according to the Real Estate Institute of Victoria.
Australia’s banks, NAB, ANZ, Commonwealth and Westpac — have each predicted Melbourne house prices to rise by between 7 and 16.2 per cent by the end of 2021.
If you’re interested in becoming a home owner for the first time or looking to downsize now is the perfect time. Contact SKAD Real Estate agents today to further discuss your options.