Melbourne’s auction clearance rate was 79% in the week of April 22, 2024.

Melbourne’s clearance rate is up from 78% the previous week and the same as the same time last year.

The Melbourne property market has not performed as strongly as some other capitals over the last year, but Melbourne’s property values are expected to gain ground as we move through 2024.

Here are some key trends in the Melbourne property market:
– The median house price is expected to increase by 5.5% to $1,157,000 by mid-2026.
– The median unit price is expected to increase 6.5% to an all-time high of $726,900.
– Melbourne’s property market is not running hot, and competition for properties is not as intense as before.
– The market is facing headwinds and tailwinds, with the Victorian government announcing policy changes that impact property investors.
– Units are expected to outperform houses in terms of price growth.
– Investment-grade properties are expected to be key, with townhouses, villa units, and family-friendly apartments being seen as potential investments.

Whilst I don’t necessarily agree with all points that are raised around the Melbourne property market it is important to remember to take a long term strategy with property and not a short term high growth approach.