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October Property Market Update 

 October 29, 2021

Property Boom in Melbourne

The Melbourne property market is back and booming! Whether you’re looking to buy a house, apartment or unit for sale in Melbourne – it’s a perfect time. With a huge range of properties on offer, all at different price points, there are no excuses not to get started with your property investment journey.  There are plenty of reasons why investors should consider investing in apartment living right now, but don’t just take our word for it – have a look at some of the latest real estate stats below.

What’s led to this Boom?

With the lockdown now over and real estate agents able to host in-person inspections and auctions, Melbourne’s property market is showing signs of heating up at a rapid rate. With record low-interest rates and robust rental yields and the strong presence of FOMO (fear of missing out), all these things have combined to drive this unprecedented boom. 

Assisting in all this is consumer confidence, currently at an all-time high. The property market is expected to be supercharged for the remainder of 2021, with experts predicting an “explosion” in activity following lockdown.

Stephen Dullens, chief executive officer (CEO) with Ray White Victoria & Tasmania said “The final quarter of 2021 could see housing prices reach even greater heights as we return home after an exciting Summer/Autumn season.”

According to the latest Domain House Price Report, the “median house price, of the world’s most locked-down city, edged up by 1.6 percent to a record-breaking $1,037,923 in the three months to September”.  Similarly, unit prices across the city also continued on a record-breaking upward trajectory, with the median price now sitting at $576,879.

However, while real estate in Victoria’s capital as a whole continued to grow more valuable, the median house price was lifted mainly by strong quarterly growth in two regions: the outer east and northeast. 

Now is the time to buy!

With this all-time high in the property market, now is the time to buy. Cornus has a number of projects located in these Eastern high growth areas. Burwood, Carnegie and Malvern East just to name a few. With Carnegie about to commence construction this month, Malvern East II on track for completion this year and Burwood set for completion in January 2022, it’s not too late to take advantage of the current off-the-plan savings and government incentives available. 

With 1,2 and 3 bedroom homes available, starting as low as $459,000, let us guide you through the process step-by-step. 

Call 1800 267 687 or fill in the form below and a sales team representative will be in contact with you. 

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