Victoria’s real estate market is currently experiencing a dynamic period with mixed trends in different areas of the state. The Melbourne property market, in particular, has shown a notable increase in property prices, driven by strong population growth and a tight supply of housing.
Melbourne’s Property Market
Melbourne has seen significant growth in house values over the past year. Suburbs like Toorak, Canterbury, and Balwyn have experienced substantial increases, with Toorak leading with a $237,486 rise in average house prices (Property Update). The median sale price for houses in metropolitan Melbourne now stands at $929,000, with a quarterly price change of 2.0% (REIV).
The big four banks have forecasted moderate growth in Melbourne’s property prices for 2024, with ANZ predicting a 2-3% increase and CBA expecting up to a 5% rise (OpenAgent). This growth is anticipated despite high-interest rates, which currently sit at 4.35% (OpenAgent).
