According to the latest ‘State of the Market’ report from Domain Group, Melbourne has experienced an increase of 3.2% in median house price during the December 2017 quarter.
Houses in the booming city are now being sold off at record breaking prices, pushing the median house price figure past $900,000.
Despite some predictions of a possible dip in house prices in 2018, experts have openly expressed their confidence in the robustness of the current housing market. According to Paul Bloxham, chief economist at HSBC, the housing market in Melbourne still has “considerable momentum”. He further explained that this is mainly due to the strong population growth leading to the overall demand in new houses surpassing the supply.
The housing market in West Melbourne was also found to be a good performer among all other regions in Melbourne. According to Nicola Powell, data scientist at Domain Group, the highest house price growth in Melbourne was recorded in the west, south east, and north west – these regions are also known as the most affordable ones.
New home buyers or property investors who are interested in owning a property in the thriving Melbourne housing market are encouraged to contact a real estate agent to receive expert advice. Their contact details can be found on the websites of real estate companies, or on Business Cards given out by agents themselves.
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