June property market update

The Australian housing market is on the rise again, and Melbourne is at the forefront of this positive trend. At Cornus Developments, we're here to share the latest updates and why it's an excellent time to consider buying a Cornus home.

Recent data from PropTrack's Home Price Index for May has shown that national home prices have been steadily increasing. Despite the Reserve Bank's decision to raise the cash rate, it seems the property market rebound has not been deterred.

In fact, national home prices have risen for the fifth consecutive month, with a 0.33% increase in May alone. This brings prices up by a solid 1.55% from the low point recorded in December last year. The combined capital cities have experienced the strongest quarterly growth since the end of 2021, with a rise of 1.34% in the past three months.

Contributing Factors That are Swaying the Market

While supply constraints have eased slightly, the flow of new listings remains low,  creating less competition among sellers and keeping prices stable. Moreover, market conditions have significantly improved, with auction activity on the rise and clearance rates remaining firm. 

The latest market insights have shown a remarkable upswing in Melbourne's residential property market contributing to its overall positive growth trend.

Melbourne’s Property Market Resurgence

Although Melbourne's housing market values are still 8.2% below their peak recorded in February of the previous year, it's important to note that the city is faring better than other major capitals like Sydney and Brisbane, which are experiencing larger declines.

The resurgence in Melbourne's property market can be attributed to the demand-supply dynamics. There's a shortage of available housing stock, causing buyers to become more competitive, and a sense of FOMO (Fear of Missing Out) which is starting to take hold. As a result, auction clearance rates are stabilising and rising again, and homes are selling faster with less vendor discounting.

What This Means For Buyers

The current state of the Melbourne property market indicates that we have reached the bottom of the cyclical downturn. The positive shift is supported by various indicators such as, rising auction clearance rates, stabilising home values and increasing consumer confidence. With interest rates and inflation expected to stabilise, the timing couldn't be better to make your move.

At Cornus Development, we understand that finding the right apartment is crucial. Our commitment to providing premium housing options, coupled with the ongoing growth in Melbourne's property market, makes us your ideal partner in this exciting journey. Don't miss out on this opportunity to invest in a thriving market and secure your dream home.

Reach out to us today by filling in the form below or calling 1800 267 687 and let us guide you through the property buying process.

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