Despite Melbourne’s lengthy lockdowns and restrictions, the property market is bouncing back, with the city experiencing a post-lockdown boom. Listings have continued to surge, and CoreLogic reports show that property values rose 1% in October and are now up 16.4% over the year.
The average Melbourne unit is now selling for $622,000, which is about $44,000 more expensive than at the start of the year. However, compared to the average house selling for approximately $973,000, apartments and townhomes still serve as the most viable entryway onto the property ladder for many first home buyers.
Until June 2022, a 50% stamp duty concession is available for new residential properties up to $1m within the City of Melbourne. Lord Mayor Sally Capp said that discounts could amount to tens of thousands of dollars in savings. “Affordability in the city has two levels right now. It’s affordable to buy, compared to Sydney, and it’s affordable to live - because everything you need to work, live and play, is within walking distance,” the Lord Mayor said.
The RBA has kept interest rates at a record 0.1% and has said it won’t lift them until inflation is ‘sustainably’ within its 2-3% target range.
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