Is it time to buy a home?
The house packages in Melbourne are flourishing and many people are assessing the Melbourne Housing Market and considering buying a home there.
Whether it’s the diverse atmosphere, top-notch educational institutions, or stunning architecture there’s a multitude of reasons as to why people are assessing the Melbourne housing market.
But is it the right time to purchase a home in the current housing market? Read on to hear the benefits and drawbacks of purchasing a home right now and some extra tips to help you assess the Melbourne housing market.
Facts you need to know
With an average annual increase in property prices of 8% over the past 10 years, Melbourne housing packages have expanded steadily.
The COVID-19 pandemic did bring about a brief downturn in 2020 but since then the housing market has rebounded and prices have begun to rise once more.
Here are some significant figures to help you assess the Melbourne housing market.
- Melbourne currently has a median house price of $800,000 which is more than a majority of other Australian cities.
- In Melbourne, the average annual increase in home prices has been around 9% but some suburbs have seen much larger increases.
- Melbourne’s housing market is moving quickly, on average the time on the market for a home is only 30 days.
Weighing the Pros and Cons of Buying a Home in the Current Housing Market
Like any important choice, it’s important to consider the pros and cons before assessing the Melbourne housing market and deciding on purchasing a home in Melbourne.
Pros
The Melbourne housing market is currently strong and competitive, with a high number of new listings and strong growth rates.
The history of the Melbourne housing market showcases the market’s resiliency and strong potential for growth and suggests that your investment will most likely appreciate over time.
Cons
First-time buyers or those with limited financial resources may find it difficult to enter the market in Melbourne due to the high property prices.
It can be difficult to find a reliable house builder in Melbourne that satisfies your needs and preferences as well as takes into account your financial constraints.
Luckily at least one of those cons can be eliminated by choosing to build with Elite New Homes, click here to find out more about our affordable home designs.
In Conclusion
In the end, the choice to purchase a home will be based on your unique circumstances and preferences.
For more information to help you assess the Melbourne housing market contact us here.