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Prospects for markets across Greater Melbourne will improve as 2023 progresses. The key factor that will drive a return to higher market activity and prices is the impact of migrants and overseas students.

And this will build on the recovery which is already under way.

International borders re-opened in 2022 and this has led to an influx of overseas migrants and students, with Melbourne a key destination for those coming to Australia.

But it takes time for this to translate into major impact on property market activity. The first impact is on the rental market, with overseas students helping to create a sharp decrease in the vacancy rate for Melbourne.

Overseas migrants coming to Australia typically rent first and that has also impacted on the diminishing supply of rental properties. The Melbourne vacancy rate has dropped from 4% late in 2021 to 2.4% a year ago and now 1.1%.

In the year ending September 2022, the population of Victoria made a net gain of almost 100,000 from net overseas migration, with most of that going directly into Melbourne.

Eventually, many of those migrants will transfer from renting to ownership, with a significant impact on Melbourne buying activity and prices.

Already, there is evidence that the downturn in the Melbourne market has ended and that a meaningful recovery is under way.

A number of the leading research firms, including PropTrack, CoreLogic and SQM, Research, reported growth in the Melbourne median house price in March 2023.

CoreLogic recorded a 0.6% rise in Melbourne’s median house price during March, while the SQM Research price index published on 18 April reported a 1.4% rise in Melbourne house prices in the past month.

The recovery in Melbourne reflects improved market conditions nationally, with sales activity, auction clearance rates and prices all improving, as well as the Westpac consumer sentiment index recording a major rise in confidence, particularly for the future of house prices.

At the same time, vacancy rates are at historic lows and all research sources are reporting significant increases in residential rents. According to SQM Research, residential rents have risen 23.4% in Melbourne in the past 12 months, including a 3% rise during March.

All this represents a major recovery in a Melbourne market which struggled in 2022.

The Melbourne market started on a steady downward trajectory at the start of 2022. Our quarterly surveys of sales activity charted a decline in the number of Melbourne suburbs classified as rising markets.

This means the downturn started well before interest rates rose – but the rate of decline picked up as the year progressed.

Despite the general negativity of those results, there were some green shoots in markets across Greater Melbourne.

Outer-ring areas in the north and west of the Greater Melbourne area continued to attract good buyer demand, despite the economic disruption happening in the background.

Some of the middle-market areas of Greater Melbourne were performing well and there remained evidence of good demand for affordable apartments in inner-city areas.

There were also signs of recovery in sales activity in some of the Greater Melbourne locations that had been classified previously as declining markets.

Those early signals of recovery in late 2022 have evolved into undeniable evidence of a return to stronger markets in the early months of 2023.

And perhaps the strongest boost to Melbourne’s future prospects for real estate growth is the news that the city has overtaken Sydney as the biggest city in the nation.

This is based on the urban area of Greater Melbourne, which is now larger than Greater Sydney. And the population of Melbourne is growing faster than Sydney’s, with the ABS confirming that Greater Melbourne now has 4,875,400 residents, compared to 4,856,700 in Sydney.

Top 5 Melbourne HotspotsGrab a copy of our latest Top 5 Melbourne Hotspots today and discover the areas that are leading Melbourne’s recovery.

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Brisbane, Gold Coast, Sunshine Coast, Melbourne

Not all investment property tax depreciation schedules are built the same. They should be but the reality is, like many things in the property world, all is not as it seems. The devil is in the details—and the details are everywhere. But relax, at Washington Brown we take care of every last one.

Established in 1978, Washington Brown is one of Australia’s oldest and most respected quantity surveying organisations.

Each year, we prepare more than 13,500 reports, delivering $1.5 billion in depreciation savings.

At Triple Zero Property, we believe in delivering a seamless experience tailored to your needs. From personalised consultations and thorough research to ensuring transparent fixed-price building contracts and competitive pricing, we are committed to excellence at every stage. Our dedicated team oversees every aspect of your property build, from initial planning and throughout the construction process.

Discover how our comprehensive approach and commitment to client satisfaction sets us apart in in creating wealth through property in Australia.

Established in 2005, Reventon has built on a strong foundation in property investment and progressively expanded the business over the years. Today, they offer a complete range of property and financial services that includes, financial planning, accounting, mortgage broking, buyers advocacy and property management.

Reventon is a fully-integrated holistic wealth and financial planning provider founded by serial entrepreneur, international speaker, wealth specialist and company CEO Chris Christofi.

With Reventon, clients benefit from having all their needs met through a single relationship with a dedicated, experienced and trusted team. Our seamless service offers more convenience, greater control and ultimately a better client experience with better financial outcomes.

The propertybuyer team has been in business over 23 years and purchased over 4000 properties. Propertybuyer is a totally independent “Buyers’ Agency” focused on searching, negotiating and buying property in Australia for home buyers and investors. Our goal for each client is the “right property, at the right price, every time”.

We help you:

• Create a clear strategy and realistic “buyers brief”
• Provide access to “off market listings” – properties that are not advertised
• Provide research on the best suburbs with good prospects for capital growth and yield
• Save time – Typically we find the ideal property within 30 to 60 days of engagement
• Negotiate the lowest possible price (ie protect your clients from paying too much!)
• Give accurate appraisals and excellent local knowledge, Propertybuyer is currently the most awarded Buyers’ Agency in Australia, with 37 Awards for Excellence.

We never sell property so we are truly independent – we are not paid by selling agents or developers, so we never have a conflict of interest. This means we can devote ourselves wholly to looking after your best interests.

Plenitude Wealth is a holistic wealth management firm that is dedicated to making a positive change to the financial landscape of Australia and ultimately the world through creating an educational foundation of social awareness, enterprise and social consciousness.

We are passionate about all things property! This passion is about so much more than just property investments, numbers, and spreadsheets, it is about the relationships and genuine care we build with our clients.

We are exceptionally privileged when we are asked to assist our clients to help grow their investment property portfolios or even kick start their first purchase. Unlike most Buyers Agents, we are selective about our clients and do not try and do as many sales as possible – the emphasis is always on quality over quantity!

Our goal is not only to find the ultimate solution for them but to do so in a manner that ensures continued success by choosing locations primed for capital growth and the right cash flow for our client’s goals.

Optalife Wealth works with you to build financial security by providing clarity and confidence about your future. We work with you to build your financial plan, clearly defining what your future looks like and laying out clear and understandable steps for you to achieve.

There is no one size fits all here. We design your plan like a financial roadmap, tailored to your specific situation and what living your optimal life means to you. Like anything in life, having a clear plan increases the likelihood success and having a whole team working alongside you makes reaching your dreams one step closer.

Financebetter is here to guide you through the complexities of the financial world. Our experienced team of experts, including accountants, financial advisors, and investment analysts, is dedicated to delivering exceptional service and results.

Our comprehensive solutions and personalized guidance empower you to achieve your financial goals. Partner with us and experience the Financebetter advantage on your journey to success.

Bond Conveyancing is a licensed Law Firm designed to remove the stress out of buying or selling property in a simple, secure and affordable way. Bond Conveyancing is technology enabled but always people first.

Bond Conveyancing consists of an experienced team of conveyancers and lawyers qualified and skilled in property settlements and transfers. But they are not just about the property. Bond Conveyancing is people first, always. We understand that this is a big moment in your life and our timeliness and effectiveness in communicating with you comes second only to our diligence in ensuring your property settlement goes as smoothly as possible.

Our service puts a fully licenced Buyer’s Agent and Qualified Property Investment Adviser right at your side, to ensure that your interests are being protected at all times and your next investment property purchase achieves maximum success. Leverage off our extensive experience, professional know-how, and independent research to ensure that you’re accessing the best property opportunities available Australia-wide.Buying Properties in Sydney / Melbourne / Brisbane / Adelaide we operate on a client first approach, and will never sell you any property. We are 100% fee for service, providing independent & unbiased advice from qualified advisers and Buyer’s Agents. We set the standard in providing exclusive, one-on-one, independent, trusted and expert advice, tailored individually to suit your particular needs.

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