Indeed, if you saw all those predictions of ‘doom and gloom’ on house prices earlier this year, this week’s release of the latest Domain House Price Report would have given you one more reason to smile.
The fact is that there are now a growing number of property market analysts who are forecasting that the next move in Melbourne’s house prices could be upward…that’s quite a contrast with what we were hearing when the pandemic first began to impact the market, isn’t it?
Domain’s property price report for the September quarter, (the period when we experienced the toughest restrictions), shows that the Melbourne market actually levelled out rather than a drop. What’s more, the report confirms that our median house price is still 1.6% higher than we experienced at the same time last year, despite the impact of the coronavirus throughout the majority of 2020.
It’s not just Domain saying this either, as these figures are similar to the trends reported by several other industry analysts, as we reported earlier this month.
The good news for Melbourne property owners didn’t stop there. Domain reported that property prices rose during the three months to the end of September in every other Australian capital city, (where restrictions were eased much earlier). The latest data shows an increase in prices that ranged from 0.4% in Brisbane to more than 6% in Hobart and Darwin. Our nation’s largest market, Sydney, recorded a rise of 1.2%.
With restrictions now being eased slowly but steadily across Melbourne, many observers are predicting that we will see rises here over the coming months as well. Dr Nicola Powell, a senior research analyst at Domain, was quoted this week saying, “I do think pent-up demand and supply will see a flurry of activity and that this will support prices. It’s something we’ve seen in other countries that have come out of a strict lockdown.”
The important thing to remember is that figures like these reflect overall trends in the market, rather than increases or decreases in the value of individual properties. What really matters if you are planning on selling in the bayside suburbs is how much more you can achieve for your property with the right advice and the right strategy in place. So, if you’d like to discuss your options, you can give us a call at Barry Plant Frankston this week on 9781 3100. We look forward to your call.
Barry Plant Real Estate
Frankston & Cranbourne