Melbourne’s housing market has moved through another solid month of growth with housing values rising 1.3% over the month to be 10.4% higher over the year.
While the annual rate of growth is about the decade average, it’s the lowest annual increase across the capital cities.
The softer performance relative to other regions is due to a few different factors.
These include weaker unit market conditions where values are up by 5.9% over the year, weaker demographic trends as population growth is negatively impacted by closed international borders and stronger migration to the regional areas of the state, and a more significant impact from COVID outbreaks and associated lockdowns.
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