House prices in Melbourne continue to increase

April 25, 2017 by  

A recent report has underlined the buoyancy of the housing market within Melbourne.

The State of the Market publication for March was published by the Domain Group. It indicated that there has been a jump of thousands of dollars in the median price for Melbourne housing. Brochure printers in Mitcham may be used to showcase suburban houses.

Rising house prices can be positive news for those with property to sell in certain circumstances. However, Melbourne resident Brenda Sallow told Domain News:

“That’s the only problem — when your house [value] goes up, so does everything else you’re trying to buy.”

Dr. Shane Oliver, the chief economist at AMP Capital, pointed out that rising house prices can add to the debt households carry. Nonetheless, he conceded that people who want to move much further away from the centre of Melbourne might be able to profit from the economic trend. Perth and Brisbane have seen a decline in their median house prices.

Andrew Wilson, the chief economist for the Domain Group, highlighted how changes in stamp duty could impact on the state of the national housing market going forward. In particular, he claimed that a cut in stamp duty for the first home buyers of Victoria may have a wide impact.

Any stamp duty reduction has the potential to boost house prices. Prices may also go up because purchasers can be keen to get on the housing ladder sooner rather than later.