The 2023 MyCity Melbourne Property offers a comprehensive guide for those looking to invest in Property in Melbourne. The report provides the latest data and insights on the city’s housing market, including the impact of COVID-19 and the current population trends.
The Melbourne market has seen a resurgence in popularity as local and international borders reopen, leading to an increase in both migration to and retention within the city. This has put pressure on the housing market, as the demand for rental properties outpaces the available supply. Rents are rising and vacancy rates are decreasing as a result.
Similar to other major cities in Australia, Melbourne faces a significant supply-side issue in meeting the growing demand for housing. However, the report suggests that affordable properties under $1 million are expected to perform well and appeal to international students and skilled migrants. Overall, the report highlights that Melbourne should not be overlooked as a potential investment opportunity.
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