The year 2022 will hopefully see the adapting to and more consistent living with Covid throughout the world and this should assist in the continued growth of real estate in Melbourne also. We all know the troubles that we have endured over the last two years but the shining light during these sometimes bleak times has the growth of the real estate market. Yes, this has provided some difficulties for those trying to enter for the first time, but the growth seen in property prices has been unprecedented. We expect the growth to continue in 2022 but at a slower rate. This will be affected by Reserve Bank changes to interest rates (most likely to balance the increase in inflation), the stock market and any corrections that may occur throughout the year, and any worldwide global situations.
The recent changes to rental situations have also had an effect on supply and demand. In 2021 we saw many investors selling due to these changes and the strong sales market. This has already created a shortage of quality rental properties with rental prices increasing dramatically in late 2021 / early 2022. If this continues we expect to see great opportunities for investors throughout the year.
Those suburbs easily accessible to both the city (we expect to see some return to city working during the year) and areas further out that assist with work from home will continue to show good growth in 2022 we expect.
There has never been a better time to secure your future with the buying or selling of real estate. Call us today to get the most up-to-date market trends to make an educated decision.