Given the seller’s market in Melbourne; it has made many feeling hopeless, but don’t give up just yet!
There are still great options that remain in the buyer’s market as there is more housing stock available than in previous years.
The key factor that has contributed to the current “seller’s market” is the lack of supply of housing for a seemingly large demand.
In the three months to May, CoreLogic estimates that around 164,000 dwelling transactions took place across Australia, while just 136,000 new properties were added to the market.
There are some suburbs that still have plenty of supply. CoreLogic has crunched the numbers and identified 5 suburbs in Melbourne with listing volumes higher than their five-year average in May.
You will find all 5 trendy suburbs below that have experienced less dwelling value growth over the past 12 months:
Melbourne City (140 listings higher than 5-year May average)
South Yarra (73)
Hawthorn (60)
Carnegie (56)
Port Melbourne (53)
Understanding market trends and identifying outliers can help give you an advantage, but it doesn’t mean that you have to give up living in an area that you have your heart set on.
Everyone has different preferences, purchasing power, circumstances and dreams, all of which will influence their “top suburb” in this hot market.
Make sure you are still asking yourself what you truly want.
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