WELCOME Welcome to our latest property market update that covers property statistics for the October to December 2022 period. Despite all the challenges thrown at our property market in the last quarter, including extensive floods, the uncertainty of the State Election and the continuation of interest rate rises, the housing market remained remarkably resilient through 2022. There are still strong fundamentals underpinning our housing market including the shortage of properties for sale and virtually no rentals available. There has been a 23% decrease in the number of sales in the last 12 months compared to the previous year. International immigration is increasing and the unemployment rates are at historically low levels. All these factors are preventing a drastic market crash. Our sales department are still attracting steady buyer activity with busy openfor-inspections and successful sales. In the property management market, our rental team continues to experience a strong demand for homes available to rent. With low stock levels most of the properties are being successfully leased in less than a week. The median rent continues to rise, in 2022, Melbourne’s median rent increased by 9.6%. If you’re thinking of making a move in 2023, we highly recommend exploring your options sooner rather than later, with low stock levels and high buyer activity helping create a competitive environment. Kind regards, P&G Real Estate 03 9587 8881 admin@pgrealestate.au Photo by Maarten Deckers from Unsplash
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