Market Update

Market UpdateThe news is still good for inner city property owners and investors. With Melbourne’s exponential population growth, the outlook for inner city property is extremely positive this quarter. We’re still seeing increased demand for inner city apartments and the Spring/Summer market conditions have bloomed as a result.

And that’s great news for those of you looking to sell in the coming months.

SQM Research’s Asking Prices Index revealed this month that Melbourne is the only Australian capital to record monthly increases in vendor sentiment on both houses and units.

In addition, Domain Group’s House Price Report shows that Melbourne house prices have risen by 8.1 per cent over the year to September with unit prices jumping 3.2 per cent

And it’s the inner east that’s producing the best results overall. “The eastern suburbs of Melbourne have certainly produced the best results over the quarter,” said Domain Group senior economist Dr Andrew Wilson.

The RBA continues to monitor the market with plans in place to preserve the current cash rate at 2.5% and consider macro prudential measures.
“Looking ahead, continued accommodative monetary policy should provide support to demand and help growth to strengthen over time…” the RBA’s October 7 media release stated. “On present indications, the most prudent course is likely to be a period of stability in interest rates,” it added.
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