Property Update – 17 February 2020

Since last week, the Reserve Bank kept the cash rate steady at 0.75 per cent with a strong start to the year in property and the job market both major factors. Over the weekend, preliminary Domain weekend auction results revealed 76.6 per cent of Melbourne properties were sold, compared with just 49.7 per cent this time last year. Both the volume and value of properties selling in Melbourne are also higher than a year earlier.

Further to this, Domain economist Tim Wiltshire has predicted Melbourne’s median house price will soar to the golden $1 million mark half way through 2021. It’s been a spectacular turnaround for the Melbourne market since house prices bottomed out at $809,468 in March last year.

Looking to buy? Now is the ideal time before prices rise! Visit our Projects page to see our latest offerings.