MELBOURNE PROPERTY MARKET EXPECTS FAST RECOVERY AFTER PANDEMIC

MELBOURNE PROPERTY MARKET EXPECTS FAST RECOVERY AFTER PANDEMIC

MELBOURNE PROPERTY MARKET EXPECTS FAST RECOVERY AFTER PANDEMIC

Property experts predict the fast recovery of the Melbourne property market once COVID-19 restrictions are lifted. The prediction stems from the fact that vendors arealready lining up their listings once everything goes back to normal.

The ones tipped to bounce back the fastest are popular family, blue-chip suburbs and rising regional towns in Victoria.

Propertyology director Simon Pressley said strong market conditions before the pandemic would help the city recover in as little as six months.

“We’ve got the lowest interest rates in most Australians’ lifetimes and we’ve only got to cast our minds back about six weeks ago to see clearance rates going through the roof and double-digit price growth,” Mr Pressley said.

“The same reason it was happening then is why it will happen again once we come out of our cocoons.”

Mr Pressley based this positive presumption on history, when there was a strong median house price growth 3 years after the Australian recession in the 1990s and the Global Financial Crisis.

Chief economist Nerida Conisbee said they would be some of the areas that recovered fastest due to their owner-occupier appeal.

“Melbourne’s middle ring will do quite well … especially if you’ve got a house in a location that’s connected to good schools, public transport and not too expensive,” Ms Conisbee said.

According to CoreLogic analyst Kevin Brogan, “Stimulus packages are keeping the basic elements of the economy as strong as they can be… so there’s certainly reason for some optimism about how the property market will respond in a post-coronavirus world.”

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