- Melbourne has recently become the most locked down city in the world
- Despite significant growth in the city, these suburbs have potential for growth
- A dramatic rebound in activity is predicted after lockdown restrictions ease
Australian housing is now worth more than $9 trillion. But even with the property market running hot, there are still opportunities to purchase in areas of Melbourne that can expect growth according to Pete Wargent co-founder of BuyersBuyers.
Melbourne has experienced significant price growth since the onset of the pandemic, as displayed by the SQM data below. This is despite recently becoming the most locked down city in the world.
Mr Wargent believes that as lending is slowly restricted in the coming months, there will be a ripple effect with growth in suburbs where price growth has lagged.
“Affordability will begin to bite for houses in Melbourne’s top-performing suburbs
next year, but there are still suburbs and pockets where prices have not blown off,” said Mr Wargent.
“These areas offer an opportunity to catch this property wave for buyers in Melbourne,”
Pete Wargent, Co-founder of BuyersBuyers
Mr Wargent believes that as restrictions ease in Melbourne housing stock levels will recover.
“We believe there will be more choice for buyers over the coming 3 to 6 months, but as the market for detached homes is still competitive buyers need to be clear about their strategy and be able to act decisively,” he said.
“Melbourne has experienced the deepest impact from lockdowns, and some Victorians have relocated interstate”.
“But there is also a wall of pent-up demand from frustrated homebuyers in Melbourne, and there will undoubtedly be a dramatic rebound in activity,” Mr Wargent said.
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