The Victorian real estate market is expected to experience substantial growth over the next 12 months, according to the latest prediction from Riskwise Property Research.
Homes in Greater Melbourne and regional areas with access to the capital continue to experience strong demand, supported by extremely low interest rates and strong buyer sentiment. These factors could potentially result in a capital gain of 8% to 12% over the next year.
"We are seeing a lot of buyers who have put their research on hold in 2020 rushing to buy. Inventory levels are very low and the auction markets in particular are very competitive," said Peter Wargent, co- founder of BuyersBuyers. com.
However, Wargent said buyers need to be well organized and well researched, especially given the uncertainties in the market.
"Melbourne had its issues with locks and instant locks, so the market was somewhat disrupted, and some auctions had to be held on Zoom or online," he said.
Double-digit growth is likely for homes in Melbourne given the low availability of stock, the report said.
"But while there are apparently a reasonable number of listings in Melbourne, competition for family-friendly homes in sought-after areas is still continuing at a high level and price growth is on the rise. very likely, ”Wargent said.
However, the report noted that due to lower than expected population growth, some pristine areas carry a higher level of risk in the short term due to high supply.
Although the risk in the short term is high, medium and long term, no dramatic price reduction is expected. This means that homes still present a lower level of risk than that associated with tall buildings.
Top suburbs:
Will parliamentstown
,
Keperra
,
werribee
,
Torrensville
,
Windale
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