Melbourne’s property market remains strong with a strong increase in listings in the first two months of the year. See areas with a slight increase in numbers.
Melbourne buyers have the most choice they’ve had in years amid a surge in listings in early 2022.
House hunters in the city were treated to a 38.7% increase in monthly listings in February, according to a new PropTrack report from realestate.com.au.
For the year, that figure was 14.6%, with property listings well above the numbers seen at the start of 2021 – capping off the city’s strong start to the year.
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The January and February figures combined alone represent the highest number of new listings on the market at the start of a year since 2012.
Thornbury saw the biggest increase, with a 147% increase in enrollment over the same period last year.
Taylors Lakes (127% increase), Coburg North (120%), Coburg (119%) and Donnybrook (119%) also increased.
Barry Plant North Group Manager Jim Dimitropoulos said it was a ‘fair market’ with more stock available for buyers in suburbs like Thornbury.
“I think overall supply is definitely increasing, which is a good thing for buyers staying away,” Dimitropoulos said.
“A lot of buyers are waiting to see what happens to interest rates. But we’re starting to see a little more confidence now with sellers who want to get into the market. The market is still very healthy.
Mr Dimitropoulos said villa units and properties below $1 million were in high demand, with “multiple” bids at auction.
He predicted that fall and winter markets would remain strong.
“It’s a good sign of what’s to come in the next few months, we expect inventory levels to increase through Easter and solid through the winter,” Dimitropoulos said.
“Lots of choices for buyers. I have a feeling this will be a great year to buy and get into the market before the next phase of growth.
PropTrack economist and report author Angus Moore said the rise in registrations was true for all capitals, with the country recording its busiest start to the year since 2014.
“As we head into the typically busier fall selling season, selling conditions should remain strong over the coming months,” Moore said.
But he warned that “there are headwinds out there”.
“Buyer demand metrics remain strong but appear to be easing from exceptional levels seen in late 2021,” Moore said.
“At the same time, the record levels of new offerings coming to market in recent months
of the year and the busy start to 2022 have helped give buyers more choice and facilitate market competitiveness.
He added that the likelihood of an interest rate hike this year or early next year “could
begin to dampen the appetite of buyers”.
In regional Victoria, listings rose 32.1% month-on-month in February, providing relief to buyers nationwide.
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Originally published as Melbourne real estate: Soaring listings mean more choice for buyers