RESIDENTIAL PROPERTY
THE Melbourne land market is set to begin its path to recovery with help of a population boom and the ever-tightening rental market.
The medium to long-term outlook is continuing to improve despite higher interest rates and inflation affecting the market, according to Oliver Hume’s quarterly market insights.
2022 presented challenges to the state’s greenfield land market which endured a slowdown in Q2 2022. The market struggled due to...
The QMI report tracks thousands of land sales across the country with results, however, revealing the resilience of land prices in Melbourne.
“Gross prices have remained relatively stable and, in some cases, have increased. However, rebates and...
Julian Coppini, CEO of project marketing at Oliver Hume
“We expect the softer conditions to continue in the short term while buyers digest the higher interest rates and wait for some indication that rates are stabilising,”he said.
“While the immediate and short-term outlook remains challenging, the medium to long-term outlook for the residential land and...
“Vacancy rates remain near record lows with some markets estimated to have reached record lows. This is just one indication of...
“As it has done in the past, this shortfall should eventually lead to an improvement in market fundamentals and...
The resilience of prices has likely been influenced by housing shortages and low vacancy rates. Growth of the population including overseas migration where...
Head of national research at Oliver Hume, George Bougias warns that while the resilience of the land market may paper over the cracks, issues such as...
“While interest rates and their impact on current market activity are the main topic of conversation at the moment...
“It is important to highlight that, while the property market will continue to adjust to higher interest rates...