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In Melbourne is a good time to buy a home? Some urban housing prices are soaring

Source: xkb.com.au
[Economic News]     22 Sep 2020
Some experts say Melbourne's slump in housing prices may be a unique buying opportunity for some. The closure of the border and Coronavirus control orders have prevented people from moving or emigrating to Melbourne in other parts of Australia and even overseas, weakening Melbourne's real estate demand.
In Melbourne is a good time to buy a home? Some urban housing prices are soaring

Experts believe that Melbourne real estate market prices fall, for some people is a good time to enter the market. (Daily Mail)

Some experts say Melbourne's slump in housing prices may be a unique buying opportunity for some.

The closure of the border and Coronavirus control orders have prevented people from moving or emigrating to Melbourne in other parts of Australia and even overseas, weakening Melbourne's real estate demand.

As unemployment rises, the real estate market has been falling, and Melbourne's auction liquidation rate is zero because of its closure.

Melbourne prices fell 1.2% in august, the capital city with australia's biggest decline, according to CoreLogic data, and have fallen 4.6% since the new crown hit the real estate market for the first time in april.

CoreLogic's head of research, lauris (Tim Lawless), said in a Hedonic Index report released on september 1st that melbourne's house price decline was mainly due to the weakening demand caused by the suspension of immigration. In contrast, markets in remote areas did not see a decline in demand due to the absence of migrants.

"Remote markets may be attractive because of relatively low densities and low price points ," he said. When teleworking during the new crown pandemic becomes the norm, it may make it less important to decide whether to live in a big city or not. "

In Melbourne is a good time to buy a home? Some urban housing prices are soaring

Some experts believe that the independent houses in some urban areas of Victoria are worth starting with. (Daily Mail)


Low interest rates and low prices help to enter the market without migration

The collapse in home prices in melbourne opened a window for those who want to buy a home, according to Pete Wargent, another real estate expert.

He said the combination of low interest rates and falling prices meant that buyers could now negotiate hard on properties in some good locations. But when the epidemic abates and immigrants return to Melbourne, the upward pressure on house prices will again make it difficult for people with home ownership dreams to come true again.

"For home buyers who have a stable career, a certain amount of money and a reasonable cushion, the best chance to buy a home in Melbourne is to be early or late ," Waukind said bluntly. "

According to Australian Bureau of Statistics (ABS) data released prior to the new crown outbreak, Melbourne is expected to outnumber Sydney by 2026.

According to the New State Planning Office, the population of Greater Sydney is expected to reach 6.6 million by 2036.

RiskWise Property Research property expert Peregr (Doron Peleg) believes that once the border reopened, Melbourne has several urban areas will show appreciation potential.

separate house prices are bound to rise in mature communities ash live (Ashwood), keyudong (Kew East), marvinton (Malvern East) and preston (Preston); in remote areas, east gillon (East Geelong) is expected to be sought after by home buyers.

"From the perspective of capital growth, we expect strong prospects for the independent housing market in Melbourne, but the flat/apartment market is more likely to calm down ," Pereger said. "

In some urban areas that do not have many new independent houses, it is considered the best place to buy a home.

In Melbourne is a good time to buy a home? Some urban housing prices are soaring

In August, Melbourne suffered the biggest drop in down-payment city prices. (Daily Mail)


Buyers beware of the apartment market or oversupply

Peregor had earlier warned buyers to stay away from apartment buildings, especially Melbourne and Dockland (Docklands), two of the most risky urban areas in Victoria.

In the new state, mr peregert also predicted that apartments in several urban areas would exceed demand.

The head of the Digital Finance Analytics, real estate expert Nosh (Martin North) will also have a large number of apartment listing warned.

He also warned investors on monday not to try to "empty-handed ", especially in the face of rising unemployment and falling rental prices, and not to" pick up the bargain ".

"The unpleasant fact is that despite low interest rates, government and regulatory measures have failed to prevent further declines in the real estate market ," he told the Daily Mail. "

"The number of real buyers has decreased significantly as a result of the closure of borders, reduced interest among property investors and a decline in potential first-time home buyers. "

"On the other hand, we've seen it because banks are pushing people to repay their loans, more people are selling shares, property investors are looking for a break, and for investors, it's a rent famine. "

His experience suggests that the current economic downturn will continue for years, and that the worst price falls will take a long time to emerge, just as Ireland, Iceland, the United Kingdom and the United States experienced in the wake of the 2008 global financial crisis, Nosh said.

Norsh also argues that the federal government's housing subsidy (HomeBuilder), while purportedly a subsidy of $25000 to eligible homeowners who renovate or build new house, is purely to help the construction industry and does not help the housing burden.

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