Potential buyers who want a slice of Melbourne's inner city suburbs should act now before prices start to rise again.
Randolph Clements, managing director of Raine & Horne Victoria, said the COVID-19 outbreak had caused shoppers to consider regional areas, leaving inner city neighborhoods on a lull.
"However, the suburbs that have been hit hardest by the pandemic are expected to start rebounding later in 2021 and early 2022 as shoppers return from the Victoria area amid fears over future COVID lockdowns -19 fade as more vaccines are produced, "he told me. "This is a case where the real estate wave dies down and the wave will come back."
Since restrictions began to ease in Melbourne, the local housing market immediately witnessed an "explosion" in pent-up demand.
"Sellers were prevented from performing inspections, while buyers were unable to make it to the open homes. It's like we're holding back a herd of stallions who once took off, ”Clements said.
Melbourne ended 2020 with 1% monthly growth in home values. However, on an annual basis, prices in Melbourne were 1.3% lower.
Improving activity levels in the city, however, would likely raise prices further this year.
In fact, Clements stated that some properties are now sold for a higher price than their asking prices within days of listing.
"This level of selling activity in Melbourne will continue into 2021 with average price growth of 8% to 10%, a distinct possibility thanks to low interest rates and economic confidence. stronger, ”he said.
Top suburbs:
Mortdale
,
mt gravatt
,
The Pelvis
,
Midland
,
new city
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