As was the position in 2021 Melbourne’s property market remains strong at the beginning of 2022 although the market was down slightly in December 2021. However, Sydney and Melbourne both recorded no house growth in February 2022.

In January 2022 Melbourne received a boost from large volumes of buyers who made their purchases early and had to compete given the small number of listings available on the market.

Despite the rebound in January 2022, the quarterly data showed the longer-term trend of slower growth in Melbourne.

The slowdown in Melbourne’s growth can be attributed to less government stimulus, less affordability, rising fixed-term mortgage rates, and a slight tightening in credit availability.

Data from CoreLogic showed Melbourne’s dwelling values edged up by 0.2 percent during January 2022, a slight improvement from the 0.1 decline in December 2021.

Statistics from SQM Research showed that the number of total stocks in Melbourne fell by 11.5 percent in January 2022 to 30,770 from 34,755 in December 2021.

Compared to January 2021, the total number of properties for sale in Melbourne in January 2022 was down by 18.2 percent.

Experts have forecast that while auction markets will have their hands full in March 2022 they are not expecting a massive surge in new listings.

However, despite below-average new listings, sale transactions surged in January 2022 with home sales in the first month of the year being well above average levels.

 

Outlook for Melbourne’s property market

CoreLogic released data this month which showed that in February 2022 Melbourne’s median house price remained unchanged at $998,356.

Outside the capital cities property markets continue to show signs of strength. County Victorian house prices increased 1.3 percent to a median $608,186.

Nationally, house prices across regional areas are rising four times as fast as their capital city counterparts at 1.6 percent compare to 0.4 percent. On an annual basis the combined regional areas are up to 25.9 percent compared to 21.8 percent in the cities.

 

During 2021 and now into 2022, our property department has been attending to numerous property transactions. Whether you are buying, selling, or developing property (both commercial and domestic) our property department is available to assist you.