Economists predict that house prices in Melbourne may return to their peaks by the end of next year. Since the market crashed from 2017 to 2019, the market speeds of these two cities have improved faster than expected, and now those who want to enter the market are facing increasing pressure.
Before the signs of recovery began in June, Melbourne house prices fell 10% from peak to trough, while Sydney house prices fell 14%. Domain economist Trent Wiltshire said the rebound in Sydney and Melbourne’s housing market has changed with the recent return of buyers after the rate cut. Wiltshire said: “The real estate market is recovering more strongly than we expected in June. ANZ Australia’s head of economics, David Plank, said earlier that housing prices may take several years to return to the peak level of 2017, especially Sydney. ANZ has also revised its recovery forecast in light of the rate of price hikes in recent months. Since May, with the interest rate cuts, the relaxation of loan policies and the federal elections to ensure the implementation of negative tax incentives, the rate of recovery has also Speed up.
Although the markets in Sydney and Melbourne have performed well, prices have remained flat or declining in other major cities such as Darwin and Perth. He said that the end of the mining market boom and local economic difficulties have affected the local market.
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