Property market prices stabilise for buyers in Victoria
According to CoreLogic data, the Victorian property market experienced a 0.5% decrease in the median dwelling price – both houses and units combined – for the first quarter of 2018, rounding out March with a median of $720,881.
If you’re seller, don’t fret – it’s not because buyers aren’t out in full force.
The report reveals that buyers, especially those at entry level, are opting for more affordable housing options which is shifting the dial.
More properties in the lower end of the market are being signed and sealed, with increased activity from first-home buyers capitalising on stamp duty changes and government grants last year is a major factor in this shift.
Additionally, units and apartments are being snapped up in the inner city and suburbs as Melburnians embrace the maintenance free, cosmopolitan lifestyle those in New York and Paris adhere to.
Buyers opting for affordable housing is a good sign for the market. Young Australians are able to fulfil their dreams of property ownership, and get a foothold in the market, of which they can build equity to buy something larger down the track.
Sellers in the higher end of the market should rest assured that there’s still plenty of appetite for homes above $1million, in particular homes with three or more bedrooms and high-end townhouses in Melbourne’s leafy suburbs.