As the 2023/2024 financial year closed, we saw plenty of movement in the real estate market throughout the previous 12 months.
Across the nation home prices rose by 5.9% during the 2023/2024 FY according to a report by realestate.com.au, due to high demand and low stock in most capital cities. Melbourne saw 0.8% price growth during the period, with 3% to 6% growth forecast for the 2024/2025 financial year.
The PropTrack Home Price Index indicated annual growth to May 2024 of 0.87% for Melbourne with a median house price of $806,000. The rest of Victoria saw a -1.12% decrease in property values and a median of $588,000.
Victoria’s biggest growth was in the new homes and developments market where inner Melbourne had the most new apartment listings in the country at 17% of the total market, and a 10% increase in new development listings according to the PropTrack New Homes Report for June 2024.
Malvern East took out the top spot for the ‘most enquired about new apartment and land estate developments’ in the country.
Looking ahead to the 2024/2025 financial year, experts predict:
- House prices will rise by 2% to 5% nationally, with capital cities seeing price growth of 3% to 6%.
- Interest rate cuts from early 2025.
- Slowing price growth in several capital cities but an increase in Sydney and Melbourne.
Let’s hope all the numbers stack up well for Melbourne’s first home buyers and property owners in the next twelve months.
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