August Market Update

Market Updates
Brant Williams
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    As we head into Spring we are already seeing a slight increase in stock levels which is great news for buyers. One of the biggest issues facing Melbourne market has been a lack of stock. What quality of the stock which comes onto the market is remains to be seen. Over recent months we have seen much of the available stock your C & D grade locations. There has been a sharp increase in investors selling within Melbourne according to CoreLogic. On average Mortgage repayments for an investor with a 10 per cent deposit who bought 12 months ago have increased 8.5 times more than their rental income. For example, typical monthly rents in Melbourne have increased by around $89 a month compared to monthly mortgage increases of up to $755.

    Melbourne has now clearly passed the bottom of the market downturn, following 6month-on-month increases in median property prices. We have continued to see much of the same trends we have seen post Covid, with turn-key properties still achieving mostly outstanding results at market and often having multiple buyers competing for the keys. Many buyers are still very wary of doing any renovation works and thus we are seeing a lot of good buying opportunities in this space for savvy investors.

    With Melbourne’s population expected to grow by one million people in the next decade it seems unlikely for the Melbourne market to see the sharp decline many predicted. As we work throughout the Melbourne market we understand there are markets within markets and we have noted that many of your sub $1million dollar suburbs have seen a more substantial increase in stock levels with much of these properties no doubt being investors selling up. When faced with the increased cost of living many will of course choose to sell their investment over their primary place of residence.

    The other thing working in Buyer's favor coming into the end of the year will no doubt be the increased costs of land tax, as land tax is calculated at ownership on the 31st of December. This will no doubt be more impactful at the top end of the market where owners will be looking at substantial increases to their land tax bill if they carry ownership into the new year. For example a$3,000,000 home will be looking at a $31,650 bill under the new land tax scheme introduced this year. This will be a motivating factor for many owners ensuring they settle this side of Christmas if the property is not their principal place of residence.

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