Melbourne has evolved from a struggling market to a boom one in the past 12 months and is now a national leader on growth momentum.
Almost half of the suburbs in Greater Melbourne are now classified by Hotspotting as rising markets and 87% of them have positive rankings in our Price Predictor Index.
This represents a massive transformation from the situation at the start of 2023. Our quarterly surveys show that the number of rising suburbs in Greater Melbourne has increased from 12 (9 months ago) to 58 (6 months ago) and now to 142 – with rising markets increasing from just 4% of suburbs a year ago to 47% now.
A year ago 67 suburbs in Greater Melbourne were categorised as declining markets; now there are none.
This return to a market characterised by high buyer demand is seen right across the Greater Melbourne area, with the exception of the Mornington Peninsula.
The City of Melbourne, which includes the Melbourne CBD and near-City suburbs, is thriving – but so too are Middle Melbourne precincts like the Whitehorse LGA and the Monash LGA, as well outer-ring areas such as the City of Casey in the far south-east, Wyndham in the far south-west, Melton in the far west and Whittlesea on the northern fringe of the Greater Melbourne area.
