As Melbourne's property market slows, house prices have fallen in a range of popular downtown and bayside favourites.
But Domain's latest house price report, released this week, shows that several central and outer ring districts have seen a surge in prices over the past 12 months through March, according to The Times.
The change comes at a time when Melbourne's overall median house price fell by 1.5 per cent in the first three months of the year, with high interest rates weighing on prices, investors selling their properties and an exodus of population weighing on demand.
Elwood, the inner seaside city, recorded the biggest decline, with house prices down 22.8%.
St Kilda and Brighton also recorded double-digit declines.
South Melbourne、South Yarra和Carlton North这些受欢迎的内 城区白 房价分别下跌了17%、13%和10.4%。 The House of the Dead 是墨尔东部外围Wantirna South,上涨 了15.2%。
Home prices in Keilor are up 13.7 per cent, while home prices in Ringwood North are up 12.4 per cent.
Nicola Powell, head of research and economics at Domain, said Melbourne's 'Central' precincts offered better affordability to buyers than the city centre or the Bay Area, which saw the biggest annual growth.
"On an annual basis, the areas where house prices are rising are not those that are at the high end," Powell said. ”
"We believe that the high-end region is indeed leading the price cycle and seeing a recovery earlier, but also experiencing deeper declines. ”
Agent Halli Moore said that while the high-end market in the Bay Area remains buoyant, the region has been sluggish due to rising construction costs and declining borrowing capacity.
Over the past year, unit prices in Brighton have fallen by 21.7 per cent, while detached house prices have dropped by 10.7 per cent.
For buyers looking for property in Central, which has become more expensive, the drop in prices in the expensive area has brought little comfort.
First-time buyers Daniel Pearson and Tayla Cain are looking to buy a townhouse in Airport West, where prices have risen by 7%, and they are considering buying a home in nearby Pascoe Vale and Oak Park.
(Image source: The Times)
Pearson said many of the properties they looked at were out of budget, "It's difficult because there aren't a lot of good options on the market right now, everything is selling above the offer range, and there aren't many listings on the market." ”
Mortgage broker Luke Rowland said the housing market was going through a "period of stabilisation" and buyers were buying homes ahead of interest rate cuts that could occur in the next year or more, which could push property prices higher.
Agent Zac Clancy said that despite rising prices, there are still affordable properties in areas such as Wantirna South and Bayswater compared to the more expensive Vermont or Glen Waverley, due to the massive influx of people into the eastern periphery.
"In Wantirna South, you can still buy a family home that's half an hour's drive from downtown, with parks, walkable facilities and some good schools." ”
"If you want to buy the same house in Glen Waverley, it will cost $2 million, but in Wantirna you can buy a 700 square metre plot of land and a nice four-bedroom house for $1.2 million, which is quite good for Melburnians. ”