WELCOME We are pleased to present our latest property market update, covering the property statistics for the January to March 2023 period. After a challenging year in 2022, where the Melbourne property market experienced a decline of -9.6 per cent in property prices from the peak in February 2022, there are promising signs of a turnaround. In March 2023, Melbourne saw a return to growth for the first time in a year. Despite the Reserve Bank of Australia implementing 10 consecutive interest rate increases, resulting in a rise of 3.5 per cent in official rates, property prices have not only stabilised, but they are also showing signs of an upward trend. Lower stock levels in the market have contributed to this positive momentum, as the reduced supply has created a situation where demand is surpassing supply, leading to price increases. In the property management department, our team has been experiencing strong demand for rental properties, with most properties being leased within the first week of listing. In Victoria, house rents have recorded the fastest quarterly rise in six years, and the highest annual increase since 2008. Furthermore, data from Domain indicates that Melbourne’s vacancy rate has reached a record low of 0.8 per cent, which is nearly three times lower than the previous year. The return of overseas migrants and international students has played a significant role in driving this high demand for rental properties. Considering these market trends, if you are thinking about making a move in 2023, we strongly recommend exploring your options sooner rather than later. Our team is wellequipped to assist you in navigating the current property market and making informed decisions. Kind regards, P&G Real Estate 03 9587 8881 admin@pgrealestate.au Photo by Steven Ungermann from Unsplash
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