Melbourne Housing Market Not to Cool off any time soon
Cooling down to a lower degree is one thing and heating up at a very slow rate is other. But the current situation in Melbourne seems to be confusing the two. Currently in Melbourne the prices as well as credit growth for housing are nowhere near to come down and are, in fact, just rising slowly to seem comfortable enough. The first home buyers in the city going through the daily headache of roaming around from one auction to other in search of an affordable property know the situation best.
Cities like Perth or some units in Melbourne itself might be having some sort of decrease in the prices but that isn’t enough to generalize the situation. The Australian East Coast area as a whole is, in fact, facing a noticeable rise in the market.
If experts are to be believed, even Sydney may seem to survive the situation for a year or so. Melbourne on the contrary seems to have a lot of difficulty in providing the supply to meet the demand. And the problem doesn’t seem to go away in coming few years. There might be a very small fraction of the buyers who are looking for a better location for homes but the price pressure still persists.
As a matter of fact, almost the whole Australian Real Estate Market is facing major pricing and affordability challenges and the government is expected to get ahead of the game and provide some immediate schemes to handle the situation. For more information and updates on Real Estate, keep following us.