Melbourne posted 0.3% monthly growth in August, with houses up 0.4% and units edging 0.2% higher.
The city has been making steady gains every month since February.
While official growth looks soft, competition on the ground tells a different story:
Upgraders are pushing the middle of the market hardest, while data shows the middle 50th percentile priced properties are outperforming both the top and bottom quartiles.
Source: Cotality
Tight stock levels are setting the stage for a busy spring:
- New listings down 1.3% from this time last year
- Total listings down 4.8% from this time last year
At the same time, sales volumes are up 8% over the past year, showing buyer activity is on the rise.
With fewer homes available and demand picking up, all signs point to a highly competitive spring selling season ahead.
Source: SQM Research
Click here for more detailed insights into the data behind Melbourne’s market recovery.
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