The property market has displayed consistent resilience throughout the year, increasing from the subdued pace of the COVID-19 period to a more normal and stable market. Amidst interest rate rises during 2023, the appetite for properties across all budgets remained unwavering.
The higher-end market ($3m+) demonstrated great steadiness against the rate shifts, both in terms of price and auction success rate. Additionally, top-tier prestige property ($10m+) has largely thrived during this period, setting new benchmarks and uplifting the broader market with renewed confidence.
There’s a continuing high demand for turnkey properties, homes ready for immediate move-in without needing any modifications, reflecting the ever-evolving market choices for certain buyers. The increased interest from international buyers in Melbourne’s real estate has been evident this year and is expected to continue.