Melbourne’s property market has been stronger this year than many expected, and buyers face the toughest competition since the previous boom.
Melbourne home values have risen 1.6 per cent since their trough earlier this year and returned to their December levels on CoreLogic data, but are still far below their February 2022 peak. The rates hiking cycle, the steepest on record, cut down a runaway post-COVID property market when it began in May last year, but prices began stabilising earlier this year.“We’ve seen home values rebound in the past three months from a trough in February, and now values are back to where they were in December last year,” Owen said. “It’s not back at those record highs of February 2022. Values are still down 8 per cent from that high.