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Market Wrap

The real estate year in review

Record auction numbers, double-digit price growth up 14%, and new suburb records set – by all accounts, 2017 has been another bumper year for the Melbourne property market.

Factors underpinning this exceptional growth have been the rising population driving demand, the introduction of new first home buyers’ initiatives and continued interest from foreign buyers.

It’s also been another big year for us at hockingstuart, with the launch of our partnership with DIAKRIT which has redefined how Australians view properties online. To also throw into the mix, we launched a new website, new offices and auctioned the winning property on The Block.

Looking ahead in 2018, the median house price in Melbourne – which currently sits at $817,000 – is expected to continue rising, but at a slower rate than previous years. The stabilisation of the market is good news for those looking to buy and sell.

Additionally, the introduction of new tenancy reforms has potential to shake up the industry with the abolition of rental bidding practices, the creation of a landlord “blacklist” and the banning of “no pets” clauses in tenancy agreements. This will obviously impact the investor market, but it may also have a ripple effect on house-hunting activity as there’s more incentive for people to rent instead of buy.

Whatever your property goals are for 2018, the team at hockingstuart wish you all the best for the next year.

Market Wrap