Melbourne’s pandemic property boom has come to an end. | domaincomau property melbourne
Melbourne house prices fell 0.7 per cent and units fell 2.2 per cent in the March quarter, Domain figures show.Buyers have more choice as more homes are listed, and are mindful of rising interest rates.Melbourne’s pandemic property boom has come to an end, as new figures show house prices fell for the first time since the June quarter of 2020 amid jitters over rising interest rates.
Domain chief of research and economics Dr Nicola Powell said the market is losing momentum after likely reaching a peak at the end of 2021. By region, the falls were led by a 5.4 per cent quarterly drop in the inner south – a large statistical region that stretches from Brighton almost to the peninsula, which boomed during lockdowns as remote workers moved to live by the beach.Prices also fell 3.6 per cent in the leafy north-east, another popular lockdown spot, and by 2.8 per cent in the inner suburbs., official figures on Wednesday showed.
The couple had been to a few Melbourne auctions where the price flew 20 per cent above expectations, but he took the opposite tack and offered 10 per cent less in a private sale. Barrenjoey chief economist Jo Masters said the increased supply of homes for sale and rising fixed mortgage rates had cooled Melbourne’s market.Expectations for a jump in mortgage rates over the next 18 months to two years, as the Reserve Bank lifts the cash rate perhaps as soon as May, could be weighing on buyer demand.
She said Melbourne’s pandemic-era price growth was not as strong as in other cities due to multiple lockdowns, the increased outflow of Melburnians to regional areas and other capital cities, and a dearth of international migrants while the border was closed.
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