Median home price declines and the decline in Melbourne property size during the June quarter were considered positive factors in the city's real estate market, boosting sales and reducing sales periods, according to the latest data from the real estate sector. Oliver Hume group.
Housing lots remained on the market for an average of 60 days during the quarter, significantly lower than the 87 days recorded in March. Sales volumes also improved to 550 months per month.
"If we look at the major underlying factors that affect the sentiment of buyers, they all suggest an increase in demand," George Bougias, research director at Oliver Hume, told The Australian Financial Review.
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However, these recent figures are insignificant compared to their peaks. During the real estate boom of 2017, which lasted until the first half of 2018, housing changed hands after an average of 30 days, while sales volume reached 1,700 per month.
Nevertheless, recent developments indicate that the market is expected to recover in the event of soaring demand, Bougias said.
The study found that the median price of a lot of housing in Melbourne had decreased by 4%, to stand at $ 312,000. Excluding incentives, the net median price of a typical lot is now less than $ 300,000. This has come with smaller land – developers are reducing lot sizes to just 393 square meters to attract cost-conscious buyers.
Bougias is expecting prices to stabilize again over the next 12 to 18 months.
"We have more flexible lending conditions, interest rates are falling and falling, population growth is robust, unemployment remains low and the real estate market in general is improving. , which helps to reinforce the feeling, "said Mr. Bougias. ]
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