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Cost-of-living pressures have left some homeowners struggling to pay their mortgages in Melbourne.
MELBOURNE
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Oxford Economics predicts the median Melbourne house price will grow 21 per cent over the next three years.
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House prices have soared by 50 per cent in some Mornington Peninsula suburbs over the past five years.
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More than half of all home buyers in Carlton and the Melbourne CBD bought their properties in cash last year, with no mortgage.
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Home buyers who delay purchasing in the hopes of getting more money to spend thanks to interest rate cuts could face higher prices and more competition.
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Where in Australia are property values likely to rise most this year?
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Could Melbourne’s property market be the best-kept secret in the country?
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A remarkable 40.7 per cent of property sales in the Melbourne City Council area were made at a loss over the last three months of 2023.
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Home buyers in 10 Melbourne suburbs are paying more than $10,000 per square metre of land.
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As many as two in five property investors in inner-city Melbourne are selling at a loss, and many are in the red by tens of thousands of dollars.
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A handful of Melbourne suburbs recorded double-digit property price increases over 2023, bucking the city’s wider trend of modest growth.
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If you thought the Australian property market was going to get easier for potential buyers in 2024, you can think again.
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