2021 was a year when Melbourne closed on the downside. This means that the goal for the listings to be auctioned, bought, or rented was not met by the actual numbers reported in their database. In this article, I will list down the market insights of the properties in Melbourne for this year, 2022.
Statistics of Market Trend
For the past 2 years, only a fraction of the regular houses and units in the city were sold due to the COVID-19 pandemic. However, for this year, experts are seeding great results when it comes to the market trend statistics of Melbourne. More houses are being bought compared to units.
Average Rental Yield in Melbourne
Rental yield is what makes renters bring home cash. Gross yield is the total payment or income from the tenants before paying tons of fees and of course, taxes to the government. By the end of last year, around November 2021, the average rental yield was 2.4%. As regards units, the rental yield is 3.6%.
This is one of the most surprising data that statisticians found because the median of house buyers and unit renters is down to 28. Gone are the days when people will invest in property at the age of 40. Young adults are now being wise with their money and spending the same on real property.
Supply and Demand of Property
Unfortunately, due to the current situation, there is still a drop in demand. The sellers of real property like houses or units are experiencing a slow pace concerning the selling of the same. Aside from this, sellers are withdrawing their houses from listings because the prices are going down and they would like to get their asking price.
Melbourne’s Auction Market
Bringing you the good news, unlike in listings of houses in Melbourne, the auction market is popping off. Even if the year just started, you can see a lot of auctioneers trying to get the real property into their hands. However, you still need to find a buyer's advocate in Melbourne to land the best house or unit that you want. Try Buyers Advocate Melbourne - 1300myadvocate, Unit 2/32 Rayner St, Altona VIC 3018, 1300 692 386.
The rental market in the city, starting this year, is average. There is a downward trend that was seen by experts about the willingness of people to rent. This also means that lower income and profit will be received by the people who rent the same.
Vacay Rates in Melbourne
Lastly, the vacancy rate in Melbourne went down to 0.8 which means that a lot of properties today are filled up with tenants and home buyers. However, it’s going to be a long way to go to achieve or gain back the low vacancy rate before the pandemic started.