In the past four months, the Melbourne property prices has fallen consecutively, but experts still believe that this does not represent the overall status of the Melbourne real estate. Instead, the overall Melbourne property prices have reduced due the impact from the low-end property market.
According to the Melbourne real estate website, some property experts have shown that the Melbourne property prices, including independent houses and units, have fallen by 0.2% in March.
Prior to this, Melbourne property prices have dropped by 0.1% in February, and by 0.2% in January and December last year.
As a result, Melbourne property prices fell by 0.5% in the first quarter of this year, and the median housing price was $720,881. The price drop in Melbourne was ranked the second amongst the Australian capital cities.
However, some experts believe that the downturn in the Melbourne real estate is not much of a worry. Because this situation reflects the situation of the low-end market and unit-type housing market that the first-time buyers fiercely pursued, rather than the overall decline in the Melbourne property prices.
The Victorian government began implementing stamp duty relief on first-time buyers in Last year's July, but first-time home buyers usually target lower-priced homes. In this case, the housing price of units has always been cheaper than the independent house and had a therefore attracted more investments.
Both of these trends have slightly impacted and reduced the median Melbourne property prices. Furthermore, experts believe that “the Melbourne real estate is still resilient and I would not place too much weight on its recent performance. Melbourne has more and more immigrants and the affordability of housing is far less challenging compared to Sydney's."
Data show that the Melbourne property prices of units have increased by 6.6% over the past year, reaching a median price of $574,388; whilst the average annual growth rate in independent housing prices is 4.9%, reaching a median price of $828,720.
Melbourne real estate experts believe that buying a property in Melbourne this year has become more affordable because the Melbourne real estate has shifted from a full seller's market to a more balanced one. Thus, property investors can be assured that they are entering a more stable property market.
For further enquiries, please do not hesitate to contact our professional Melbourne apartment selling agent on 1300 354 839 for more information and advice.