Here are some insights and trends that may be useful in predicting the Melbourne property market:
Housing prices in Melbourne have been on an upward trend for the past few years, with a significant increase in 2021. According to the Domain House Price Report, the median house price in Melbourne increased by 13.9% in 2021 to $1,036,000, while the median unit price increased by 7.3% to $596,000.
The COVID-19 pandemic has had a significant impact on the Melbourne property market, with a temporary dip in prices in 2020, followed by a surge in demand and prices in 2021. It is unclear how the ongoing pandemic and any future restrictions may impact the market in the long term.
The Australian government has implemented various policies aimed at supporting the property market, such as the HomeBuilder scheme and the First Home Loan Deposit Scheme, which may continue to support demand and prices.
Migration to Melbourne from other parts of Australia and overseas may also have an impact on the property market, as demand for housing may increase or decrease depending on these factors.
Overall, while there are no guarantees about the future direction of the Melbourne property market, the trends suggest that demand and prices may continue to rise in the short to medium term, but this may be subject to various economic and social factors