Melbourne’s property market is set for a rapid recovery once COVID-19 restrictions start to ease, with vendors already preparing to list once the dust settles.
Popular family neighbourhoods, blue-chip suburbs and Victoria’s up-and-coming regional towns are tipped to bounce back the fastest from the unexpected property downturn.
Propertyology director Simon Pressley said strong market conditions before the pandemic would help the city recover in as little as six months. “We’ve got the lowest interest rates in most Australians’ lifetimes and we’ve only got to cast our minds back about six weeks ago to see clearance rates going through the roof and double-digit price growth,” Mr Pressley said.
“The same reason it was happening then is why it will happen again once we come out of our cocoons.”
He said three years of strong median house price growth after Australia’s recession in the 1990s and the Global Financial Crisis suggested the market would rapidly rise again once shutdown restrictions ended.
Propertyology research also showed booming towns including Bendigo, Warrnambool and Mildura would remain fairly bulletproof during the crisis, with low rent supply and high job growth.
Narre Warren North, Box Hill and Blackburn were among suburbs that had the largest price gains between the GFC and coronavirus, according to realestate.com.au.
Chief economist Nerida Conisbee said they would be some of the areas that recovered fastest due to their owner-occupier appeal.
“Melbourne’s middle ring will do quite well … especially if you’ve got a house in a location that’s connected to good schools, public transport and not too expensive,” Ms Conisbee said.
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