The days of recession seem very far from Melbourne, because it now registers a generalized growth.
In an analysis of the recently concluded real estate investor sentiment survey – the largest Australian real estate investor survey conducted annually by Your Investment Property, Property Update and Onthehouse – Metropole CEO Property Strategists Michael Yardney points out that the time has come to examine the Melbourne market.
"This is the best counter-cyclical opportunity in Melbourne and Sydney in a long time, and about 39% of those polled believe that Melbourne will experience the best long-term capital growth over the next five years."
The results of the March 2020 ANZ / Property Council survey, which measures consumer confidence and expectations in the real estate market, certainly indicate that buyers have high hopes for Melbourne. House price expectations are close to the levels last seen in 2014, with expectations for Victoria being among the highest.
"Signs of recovery in the residential real estate market have been around for some time, with sentiment turning convincingly in May. Since then, auction liquidation rates have risen sharply, prices have risen sharply in Sydney and Melbourne, and housing funding is starting to rise, "said ANZ chief economist Felicity Emmett.
The CoreLogic Home Equity Index for December 2019 also shows that Melbourne matched Sydney by recording the highest annual capital gain at the end of the year, with an increase of 5.3 %.
In particular, the high-end sector of the market has experienced spectacular growth as the upper quartile recorded a 7.6% increase in prices in 2019. Meanwhile, the values ??in the lower quartile of the market have increased by 3.7%.
The eastern inner pocket of Melbourne was the leader in the capital's subregions, with property prices up 12.1% over the same period; the value of housing should reach a record level in 2020.
Apart from the metro, the Warrnambool and southwest regions of the state were the main producers among the capital sub-regions.
However, the ANZ / Property Council survey found that consumer confidence in the commercial real estate market in Victoria is low, given the sluggishness of the office, tourism and travel industries. retail.
"Only time will tell if sales will be able to keep pace with the recovery in volumes," says General Manager of Propertyology, Simon Pressley.
SUBURB TO WATCH
LEOPOLD: The suburbs of Geelong go up regularly
A good-sized suburb with a reasonably priced real estate market, Léopold has excellent long-term growth potential given its steady recovery over the five years ending in December 2019.
The suburbs are mainly populated by families owning their properties, barely 20% of the population being tenants. Leopold Elementary School is located in the suburbs, for families with children. The suburbs also serve as a gateway to the Bellarine peninsula and have some heritage sites.
Housing prices are at a median of $ 539,152, while the median unit value is $ 377,756. This market could therefore be a good entry point for buyers with limited funds.
Accessibility: Léopold is considered as a gateway to the Bellarine peninsula
Affordability: Property is relatively inexpensive, with units selling for less than $ 400,000
Top suburbs:
lockridge
,
Westbrook
,
Westmead
,
Penrith
,
spring wood
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