Melbourne property price growth continues upward trend
If you purchased a house in 1998, how much do you think it’s increased in value? 20%? 100%? The latest CoreLogic data shows that over the last 20 years, Melbourne property price growth was a whopping 334% on average.
Despite cyclical highs and lows throughout the last two decades, including the GFC, property remains to be a sound investment in Victoria’s capital, with values on a continuous upward trend.
Put this down to low interest rates and strong demand from population growth, combined with a booming local economy which is attracting corporate companies (such as David Jones) and talent to relocate to the southern state.
There’s no doubt Melbourne’s popularity is continuing to fuel the property market.
Last weekend for instance, Melbourne ranked number 1 in the number of listings compared to other states. And in the recent February Super Saturday, 71.7% of the 1,610 auctions across the state sold under the hammer.
And there’s no signs of the listings dropping off. Across our network we have over 300 properties hitting the market during March alone.
If you’re new to Melbourne and considering taking the jump in the property market, or are Melbourne born and bred, it’s a good time to buy with plenty of stock on the market and almost a guarantee that capital growth will increase over the long term.