House prices stabilise near Mitcham

May 6, 2018 by  

Research shows that house price rises in the vicinity of Mitcham have diminished.

The quarterly statistics from the Domain Group show that property prices in Melbourne are no longer rising in a dramatic fashion. This may help the city because more of its population will be able to afford to stay within its boundaries. Printing services in Mitcham could benefit from the suburbs of Melbourne being well populated.

Dr. Nicola Powell clarified that the stabilisation is due to a rush of first-time buyers. These purchasers have kept prices down in Melbourne’s eastern suburbs. There has been a slight decline in prices near Mitcham, with figures suggesting that a dip of about 2.2% has been common. Dr. Powell stated:

“The silver lining for Melbourne in terms of demand has been the level of population growth, it’s got the strongest growth out of all the states and territories.”

It is important for businesses to recognise that the boom in the housing market has not led to a crash. Dr. Powell explained that lenders have become more cautious and this has begun to have an impact on prices. This cannot be compared to a situation where house prices collapse because of a major recession.

The situation has been affected by policy too; concessions on stamp duty have been influential in tempting first-home purchasers into the market.