High interest rates, a listings bonanza and investors bailing out have pushed prices lower, giving first home buyers some hope.
Change in the median house price over the September quarterMelbourne’s weak property market has created a window of opportunity for first home buyers with the means to buy now, experts say, as prices fell modestly for another quarter.
“We’ve now got buyers waiting for a rate cut. They’re delaying their purchasing decisions and it presses pause on demand,” Powell said. “It’s also creating a build-up in supply. For buyers who are still at play, it means they have leverage.”“It’s narrowed the gap between property prices to a three-year low, that’s a huge shift,” she said. “A house is currently 79 per cent more expensive than a unit … which is a sharp drop from where it was in 2023, 89 per cent.
“You’ve got a fair bit of price slippage happening, it’s a bit unsettling but it’s not accelerating at this stage,” he said. “It looks like the market’s still digesting some selling pressure that started a year ago.” Powell said lending figures showed first home buyers were becoming more active. “First home buyers 22.4 per cent at the moment, and that’s above the decade average of 18.6 per cent, so there’s a shift going on,” she said.
“ finding a trade-off between cosmetic and foundational stuff. The more we look, the more we think: OK, this is easily done,” he said. “The other stuff with restumping and refooting is a little harder and a bit more than what we’re prepared to do.
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