Now is the time to buy in Melbourne: What the experts say

Now, after decades of rapid price hikes, the market is starting to self-correct to a level more traditionally akin to a ‘normal’ market, with organic ebbs and flows.

David Kobritz, executive chairman of Dealcorp, said the housing market in Melbourne has always come back stronger after downturns.

“Melbourne’s property market has experienced four significant downturns in the past 30 years and they have all been as a result of tightened credit conditions, whether at the instigation of banks themselves or through government/regulator intervention,” Kobritz said.

“Every time the housing market comes back stronger due to the release of pent up demand and ongoing population growth; What is happening now is part of the natural property cycle in Australia, every eight – 10 years we go through a downturn, but we always recover quickly when common sense prevails.”

Kobritz suggested the fundamentals in the market remain strong, particularly around low vacancy rates, population growth, increasing cost of construction and foreign buyers with a strong appetite to purchase.

Reference: https://www.propertyobserver.com.au/