Despite a change in seasons only this week, Melbourne’s Inner City autumn property market is already in full swing.
An increasing appetite for apartment living, low interest rates and changing lifestyle demands has allowed more than 200 homes to have been sold so far across Docklands, Melbourne CBD and Southbank in 2018.
Strong buyer demand is also correlating to strong sale prices being achieved, notably in Docklands where the average price for 2018 is at $597,964. This year’s property market has also seen an increase in urgency from buyers looking to secure their next home or investment property, with the number of homes on the market markedly lower than several years ago.
“Lower stock levels tend to create a higher level of urgency in the housing market as buyers compete with each other,” says Clint Payne, Lucas Sales Manager. “Lower stock levels also means less choice for home owners looking to upsize or downsize, or change location.”
He said the number of properties available for sale was also down on last year due to the costs associated with buying and selling such as stamp duty, banks’ tighter lending practices and affordability constraints.
“With interest rates tipped to remain on hold this week, we expect autumn to deliver strong property prices to sellers. City property remains an attractive and affordable buying option for owner-occupiers of all ages, especially first home buyers seeking to make the most of stamp duty savings. Investors will also continue to be attracted to city property as the higher servicing costs of investment borrowing will necessitate a higher rental yield to maximise returns.”
Lucas have a great range of city homes available for sale; to find out more about the current market, buying opportunities or for an up-to-date value of your home or investment property, click here or call 9091 1400.