Property Update – March 2021
The market continues to charge ahead with CoreLogic reporting that Melbourne’s median home values soared 2.1 per cent in February. Further, the weekend’s preliminary auction clearance rate clocked in at an impressive 78.5 per cent as 1,211 properties went under the hammer, according to preliminary Domain data.
The level of interest in property is extremely high with two of Australia’s largest banks predicting double digit house price growth for the Melbourne market over the next two years. The Commonwealth Bank expects Melbourne home values to grow by at least 12 per cent in the next two years, while Westpac upped the ante a few days later predicting 18 per cent price gains (this year 8 per cent and 10 in 2022).
Strong fundamentals are underpinning the positive sentiment. The economy is quickly recovering, unemployment continues to fall, jobs are returning, and consumer and business confidence is on the rise. Importantly, with prices on the rise and government stimulus set to slowly ease, investors are already returning to a marketplace dominated by low interest rates. Eton agents have noted more investor inquiry in the past month than in the entire year of 2020!
Our advice is clear: buy property now before the anticipated 2021 price rise! View our latest project listings on our Projects page.